Green bond framework
SpareBank 1 Sørøst-Norge has published a green framework, as a basis for issuing new green bond loans.
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Sustainability is a strategically important area for the bank. One of the bank's goals until 2025 is to work for a more sustainable society. This is done by focusing on economic, social and environmental sustainability. The bank has recently adopted an ambitious sustainability strategy, which, among other things, involves a powerful investment in internal competence building in order to become the customers' advisor in the green transition.
SpareBank 1 Sørøst-Norge works to reduce our greenhouse gas emissions and aims to annually reduce emissions from its own operations and the lending portfolio by 7 % per crown. The bank has also set itself the goal of doubling the volume of green exposures to NOK 25 billion by the end of 2025. The climate risk for the bank is relatively low, partly due to very low exposure to carbon-intensive industries.
In order for SpareBank1 Sørøst-Norge to issue green bonds, the bank's loans are quality assured. The framework must ensure that bond assets in the bank accrue to the financing of green investments. In the framework, the following categories are included:
• Green homes and commercial buildings
• District heating
• Renewable energy
• Sustainable production and technology (to stimulate restructuring in existing industry as well as innovative technology companies in line with the EU taxonomy's environmental goals).
The qualification criteria that have been used to define the loan portfolio for the framework are based on the ICMA "Green Bond Principles". It takes into account the EU's classification system for sustainable activities (the taxonomy) and recommendations related to the EU's Green Bond Standard, with the intention of implementing these as far as possible. The bank has identified approx. NOK 10 billion in assets that can potentially be financed under the green bond framework.
DNB has been an adviser in the development of the framework. Cicero Shades of Green has carried out an independent second-hand assessment and has assessed the framework to be "Cicero Light Green", while the management of the framework has been assessed as "Excellent".
