Project Details
Project
INWIT Sustainability-Linked Financing Framework Second-Party Opinion (2024)
Client
Infrastrutture Wireless Italiane S.p.A.
Project Type
Sustainability Linked Bond or Note; Sustainability Linked Loan;
Industry Group
Telecommunication Services
Use of Proceeds
N/A
Location
Italy
Evaluation Date
Jun 2024
Evaluation Summary
Sustainalytics is of the opinion that the INWIT Sustainability-Linked Financing Framework aligns with the Sustainability-Linked Bond Principles 2023 and Sustainability-Linked Loan Principles 2023. This assessment is based on the following:
Selection of Key Performance Indicators
The INWIT Sustainability-Linked Financing Framework defines the following KPIs: i) Absolute scope 1, 2 and 3 GHG emissions reduction; and ii) Share of women in management roles (see Table 1). Sustainalytics considers KPI 1 to be very strong and KPI 2 to be strong 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 INWIT’s sustainability strategy. Sustainalytics further considers SPTs 1a and 1b to be highly ambitious and SPT 2 to be ambitious based on past performance, peer performance and alignment with science.
Financial Characteristics
INWIT will link the financial characteristics of its sustainability-linked debt instruments to achievement of the selected SPTs. All sustainability-linked debt instruments issued under the Framework will be linked to at least one SPT related to KPI 1. A change in the financial characteristics of each instrument will trigger a coupon adjustment, margin adjustment or a premium payment, as applicable.
Reporting
INWIT commits to report on its progress on the KPIs on an annual basis and expects to include the relevant figures in INWIT’s universal registration document or in a dedicated report published on the Company’s website. INWIT commits to disclose relevant information enabling investors to monitor the level of ambition of the SPTs, including any update to INWIT’s sustainability strategy, any recent announcements or strategic decisions related to the selected KPIs.
Verification
INWIT commits to have an external verifier provide limited assurance against each SPT for each KPI annually. INWIT further commits to making the annual limited assurance report publicly available.