Project Details
Project
Atlantia S.p.A. Sustainability-Linked Financing Framework Second-Party Opinion
Client
Atlantia S.p.A.
Project Type
Sustainability Bond/Loan; Sustainability Linked Loan;
Industry Group
Transportation Infrastructure
Use of Proceeds
N/A
Location
Italy
Evaluation Date
Nov 2022
Evaluation Summary
Sustainalytics is of the opinion that the Atlantia Sustainability-Linked Financing Framework aligns with the Sustainability-Linked Bond Principles 2020 and Sustainability-Linked Loan Principles 2022. This assessment is based on the following:
Selection of Key Performance Indicators
Sustainalytics assessed five KPIs: (i) Absolute scope 1 and 2 GHG emissions; (ii) Percentage of two main operating subsidiaries’ scope 3-related SPTs achieved at the relevant target observation dates; (iii) Percentage of Atlantia’s total GHG emissions covered by science-based targets; (iv) Percentage of women in senior and middle management roles; and (v) Share of renewable electricity sourcing (see Table 1). Sustainalytics considers KPI 1 to be very strong, KPIs 2 and 4 to be strong, and KPIs 3 and 5 to be adequate based on materiality, relevance and scope of applicability.
Calibration of Sustainability Performance Targets
Sustainalytics considers the SPTs to be aligned with Atlantia’s sustainability strategy. Sustainalytics considers SPTs 1.1 and 1.2 to be highly ambitious and SPTs 5.1 and 5.2 to be moderately ambitious based on their past performance, peer performance and alignment with science. Sustainalytics further considers SPTs 2.1, 2.2, 3.1, 3.2, 4.1 and 4.2 to be ambitious based on past performance and peer performance.
Financing Instrument Characteristics
Atlantia will link the financial or structural characteristics of its sustainability-linked debt instruments to the achievement of the SPTs. A change in the financial or structural characteristics of each instrument will trigger a coupon or margin adjustment, change in the redemption premium or premium payment, as applicable.
Reporting
Atlantia commits to reporting on its progress on the KPIs on an annual basis, via its Integrated Annual Report or similar report. Atlantia also intends to disclose relevant information that affects progress on the KPIs, such as recalculation of the baselines for the KPIs, reassessments of the KPIs, restatement of the SPTs and pro-forma adjustments of baselines or KPI scope. The report will be made available on Atlantia’s website. These reporting commitments are aligned with the SLBP and SLLP.
Verification
Atlantia commits to have external limited assurance conducted against each SPT for each KPI published at least once a year. The verification commitments are aligned with the SLBP and SLLP.