Second-Party Opinion Download

Sustainalytics is of the opinion that the Zengun Sustainability-Linked Bond Framework aligns with the Sustainability-Linked Bond Principles 2023. This assessment is based on the following: 

Selection of Key Performance Indicators The Zengun
Sustainability Linked Bond Framework defines two KPIs: i) KPI 1: Scope 1 and 2 GHG emissions per FTE (tCO2e/FTE); and ii) KPI 2: Scope 3 GHG emissions per m2 of gross floor area in ongoing production (tCO2e/m2 GFA) (see Table 1). Sustainalytics considers KPI 1 to be adequate and KPI 2 to be strong based on based on their materiality, relevance, scope of applicability and comparability to external benchmarks.

Calibration of Sustainability Performance Targets
Sustainalytics considers the SPTs to be aligned with Zengun’s sustainability strategy. Sustainalytics further considers SPT 1 and 2 to be moderately ambitious based on their continuous material improvement compared to the baseline.

Bond Characteristics
Zengun has disclosed that the financial characteristics of the bonds issued under the Framework will be tied to the achievement of both SPTs, namely, a step-up in the redemption premium.

Reporting
Zengun commits to report on an annual basis on its progress on the KPIs and expects to include the relevant figures in its annual sustainability report published on its website. Zengun further commits to disclose relevant information enabling investors to monitor the level of ambition of the SPTs. The reporting commitments are aligned with the Sustainability-Linked Bond Principles 2023.

Verification
Zengun commits to have an external verifier provide limited assurance against each SPT for each KPI and publish it annually, which is aligned with the SLBP.