Project Details
Project
Ferrovie Green Bond Second-Party Opinion
Client
Ferrovie dello Stato Italiane
Project Type
Green Bond/Loan
Industry Group
-
Use of Proceeds
-
Location
Italy
Evaluation Date
Jun 2019
Evaluation Summary
Sustainalytics is of the opinion that the Ferrovie dello Stato Italiane (Ferrovie) Green Bond Framework, dated June 2019, is credible and impactful and aligns with the four core components of the Green Bond Principles 2018. This assessment is based on the following:
USE OF PROCEEDS
The green category for eligible use of proceeds – Clean Transportation – is aligned with those recognized by the Green Bond Principles 2018. Sustainalytics considers the eligible category to have positive environmental impact and to advance the UN Sustainable Development Goals 9, 11, and 12.
PROJECT EVALUATION/SELECTION
Ferrovie established a dedicated Green Bond Working Committee, chaired by Ferrovie’s Head of Finance, to select eligible projects. The Committee consists of cross-functional team members, including representatives from the Sustainability team. Sustainalytics considers this in line with market practice.
MANAGEMENT OF PROCEEDS
Ferrovie’s Treasury team will track the net use of proceeds through a Green Bond Register. Pending allocation, the amount equal to net proceeds will be placed in normal treasury accounts and will be invested in accordance with Ferrovie’s liquidity management policies and guidelines. This is in line with market practice.
REPORTING
Ferrovie intends to publish an annual report on its green bond until full allocation. The report will also be included in its annual Sustainability Report. The reporting will include details such as amounts allocated on a project portfolio-level, as well as relevant impact metrics. Sustainalytics views Ferrovie’s allocation and impact reporting as aligned with market practice.