The SPO of the Triple Sustainability team reflects the experts’ opinion on the adequacy of the revised Green Sustainable Financing Framework with current market standards and the extent to which the eligible project categories are credible and have an impact.

As part of the SPO opinion, the following points are assessed:

– Verification of potential external and internal controversies in relation to the project to be funded.

– The alignment of the Framework with the Principles for Green and Social Bonds and/or Loans according to ICMA, LMA, GBC and, in general, those bodies referring to each type of debt.

– The credibility and expected positive impacts of the use of proceeds;

– The alignment of the issuer’s sustainability strategy and performance and sustainability risk management in relation to the use of proceeds; and

– The sustainability of the issuer in relation to the use of proceeds.

For the completion of the SPO, the templates provided by ICMA for the external review shall be followed, which shall be attached as Annex to the SPO.