Second-Party Opinion Download

Sustainalytics is of the opinion that the Belfius Green Bond Framework is credible and impactful and aligns to the four core components of the Green Bond Principles 2018. This assessment is based on the following: 

USE OF PROCEEDS

The eligible categories for the use of proceeds –Renewable Energy, Energy Efficiency, Clean Transportation, Green Real Estate, and Waste and Water Management – are aligned with those recognized by the Green Bond Principles 2018. Sustainalytics considers that the eligible categories will lead to positive environmental impacts and advance the UN Sustainable Development Goals, specifically SDG 6, 7, 9, and 11. 

PROJECT EVALUATION / SELECTION

Belfius’ Green Bond Committee (the “Committee”), comprised of the Head of the Corporate Social Responsibility (CSR) Department, Head of Long-Term Funding, Head of Structured Finance and representatives from its commercial business lines, will be responsible for overseeing the project evaluation and selection process. The Committee will meet quarterly to review and approve green projects in line with the Framework’s eligibility criteria. Sustainalytics considers the project selection process in line with market practice. 

MANAGEMENT OF PROCEEDS

Belfius will manage net proceeds using a portfolio approach in which it will strive to maintain a level of allocation that matches or exceeds the balance of net proceeds of outstanding bonds. Belfius’ Structured Finance team will be responsible for overseeing this process. Belfius has confirmed to Sustainalytics that it intends to allocate proceeds immediately after issuance. Pending allocation, Belfius may invest unallocated proceeds within the treasury portfolios, in money market products, cash or equivalent according to the Belfius’ general internal policies. Sustainalytics considers this process to be aligned with market practice. 

REPORTING

Belfius intends to report on allocation of proceeds on its website on an annual basis, as long as Green Bonds are outstanding. The allocation reporting will include the total amount of green bonds issues, the amount in the Green Portfolio along with a breakdown by eligible category, and the balance of unallocated proceeds. In addition, Belfius is committed to reporting on relevant impact metrics. Sustainalytics views Belfius’ allocation and impact reporting as aligned with market practice.