Second-Party Opinion Download

Sustainalytics is of the opinion that the Famur Green Bond Framework is credible and impactful and aligns to 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 – Renewable Energy, Investments in the green energy transformation, and Energy Efficiency – are aligned with those recognized by the Green Bond Principles. Sustainalytics considers that investments in the eligible categories will lead to reduced greenhouse gas emissions and increased use of renewable energy which advance the UN Sustainable Development Goals, specifically SDGs 7 and 9.  

PROJECT EVALUATION / SELECTION

The Famur Group’s internal process in evaluating and selecting projects is managed by the Green Bond Committee (the “Committee”). The Committee is comprised of representatives from Finance, Business Development, Environment Protection, the Management Board and the Legal Department. It is responsible for evaluation and qualification of projects and the Management Board presides over it for final approval. Famur has a due diligence process to screen, manage and mitigate environmental and social risk which are applicable for all allocations under the Framework. Sustainalytics considers the project selection process in line with market practice. 

MANAGEMENT OF PROCEEDS

The Famur Group’s processes for management of proceeds is supervised by the Finance department. The Group intends to track and monitor the allocation of proceeds to eligible projects via its ERP system.  Famur may temporarily hold unallocated proceeds in cash, liquid term deposits with commercial banks and units of debt mutual funds. This is in line with market practice.  

REPORTING

The Famur Group intends to report on allocation of proceeds on its website on an annual basis until full allocation. Allocation reporting will include information such as allocated proceeds, unallocated proceeds, types of projects financed, and the environmental impact of financed projects. In addition, The Famur Group is committed to reporting on relevant impact metrics which will include estimated annual reduced/avoided greenhouse gas (GHG) emissions (tCO2e) and renewable energy generation (GWh). Sustainalytics views The Famur Group’s allocation and impact reporting as aligned with market practice.