The FINANCIAL -- CICERO rates the NIB Environmental Bond Framework as Dark Green, which is the highest category shading. The research Institute also states that the framework is “aligned with the Green Bond Principles”, emphasizing that the governance structure for project identification, selection and reporting is strong and proven.
NIB is the biggest Nordic issuer of green bonds. Since 2011, the Bank has issued NIB Environmental Bonds (NEBs) of EUR 3.5 billion and financed more than 60 projects with NEB proceeds.
NIB’s Sustainability & Mandate unit uses its Mandate Rating Framework for assessing the impact from projects. In order to be eligible for receiving green bond proceeds, the mandate rating of the project needs to score good or excellent.
Lars Eibeholm, Vice-President and Head of Treasury at NIB, says the strong governance concerning project selection and impact reporting is important in order to maintain the integrity of the green bond market.
The main changes
The main aim with the update is to further strengthen our framework in the areas of resource efficiency, including circular economy, water related investments, climate adaptation and resilience.
One example of a NEB-eligible project is the City of Stockholm’s investment to upgrade the Slussen, the water lock between Lake Mälaren and the Baltic Sea and one of the city’s main traffic hubs.