Second-Party Opinion Download

Sustainalytics is of the opinion that the Caixa Geral de Depósitos Sustainable Finance Framework is credible and impactful and aligns with the Sustainability Bond Guidelines 2021, Green Bond Principles 2021, Social Bond Principles 2021, Green Loan Principles 2021, and Social Loan Principles 2021. This assessment is based on the following:   

USE OF PROCEEDS

The eligible categories for the use of proceeds —Sustainable Water and Wastewater Management, Renewable Energy and Energy Efficiency, Green Buildings, Clean Transportation, Access to Essential Services, and Employment Generation — are aligned with those recognized by the Green Bond Principles, Social Bond Principles, Green Loan Principles and Social Loan Principles. Sustainalytics considers that the eligible categories may contribute to the transition to a low-carbon economy in Portugal and lead to positive social impacts while advancing the UN Sustainable Development Goals, specifically SDG 1, 2, 3, 6, 7, 8, 9, and 11.  

PROJECT EVALUATION / SELECTION

Caixa Geral de Depósitos’ internal process in evaluating and selecting projects is overseen by the Sustainable Finance Working Group (the “Group”), comprised of representatives of the Financial and Risk and support departments chaired by the Head of Sustainability and the Sustainability Committee. The Group will select projects that have been proposed by the Bank’s various departments to submit for approval to the Sustainability Committee. Sustainalytics considers the project selection process in line with market practice.  

MANAGEMENT OF PROCEEDS

Caixa Geral de Depósitos will manage net proceeds on a portfolio basis. The Financial Markets Department will be responsible for overseeing the management of proceeds. Pending allocation, proceeds will be held in cash, cash equivalent, or other liquid marketable instruments in line with the Bank’s treasury management policies. The Bank intends to reach full allocation within 36 months of issuance. This is in line with market practice. 

REPORTING

Caixa Geral de Depósitos’ intends to report on allocation and impact of proceeds on its website on an annual basis until full allocation. Allocation reporting will include the net proceeds of outstanding sustainable finance instruments, the amount of proceeds allocated to eligible projects, the share of financing vs refinancing, and balance of unallocated proceeds, and where feasiblea list of projects financed. In addition, the Bank is committed to reporting on relevant impact metrics. Sustainalytics views Caixa Geral de Depósitos’ allocation and impact reporting as aligned with market practice.