Second-Party Opinion Download

Sustainalytics is of the opinion that the Saint-Gobain Green Bond Framework is credible and impactful and aligns with the four core components of the Green Bond Principles 2021. This assessment is based on the following: 

USE OF PROCEEDS

The eligible categories for the use of proceeds, Manufacture of Energy Efficiency Equipment for Buildings and Manufacture of Other Low-Carbon Technologies, are aligned with those recognized by the Green Bond Principles. Sustainalytics considers that the eligible categories will lead to positive environmental impacts and advance the UN Sustainable Development Goals, specifically SDGs 7 and 9. 

PROJECT EVALUATION AND SELECTION

Saint-Gobain’s Green Bond Committee will be responsible for evaluating and selecting projects in line with the Framework’s eligibility criteria. Saint-Gobain has an internal environmental and social risk assessment process in place to identify and manage potential environmental and social risks associated with assets financed in line with its policies, which are applicable to all allocation decisions made under the Framework. Sustainalytics considers the project selection process in line with market practice. 

MANAGEMENT OF PROCEEDS

Saint-Gobain’s Global Treasury Team will oversee the management and allocation of proceeds and will track the proceeds using an internal tracking system. Saint-Gobain intends to allocate proceeds within 24 months of the respective issuance date. Pending full allocation, proceeds will be temporarily invested in accordance with Saint-Gobain’s liquidity policies in cash, cash equivalents or short-term liquid instruments. Sustainalytics considers this process to be in line with market practice. 

REPORTING

Saint-Gobain commits to report on allocation and impact on its website on an annual basis until full allocation. Allocation reporting will include an overview of green bonds outstanding, aggregated amount of allocation to eligible projects per category, share of allocation to financing versus refinancing, breakdown by types of expenditures (capex, R&D, open and equity investments), balance of unallocated proceeds invested in cash or cash equivalents, if any. Sustainalytics views Saint-Gobain’s allocation and impact reporting as aligned with market practice. 

EU Taxonomy  

Sustainalytics has assessed the Framework for alignment with the EU Taxonomy’s criteria for Substantial Contribution (SC) to its environmental objectives, Do No Significant Harm (DNSH) and Minimum Safeguards. The Framework’s eligibility criteria (which map to two EU activities) align with the applicable SC and DNSH Criteria. Sustainalytics is also of the opinion that the activities and projects to be financed under the Framework will be carried out in alignment with the EU Taxonomy’s Minimum Safeguards.