Acciona - Framework Report

Acciona's sustainability bond framework underwent a substantial transformation from 2019 to 2023, evolving from a narrowly-focused "Green Financing Framework" centered on EU Green Bond Standards to a comprehensive "Sustainable Impact Financing Framework" that encompasses both use of proceeds and sustainability-linked financing. The 2023 version introduces a dual-track approach incorporating corporate key performance indicators (CKPI), local impact indicators (LII), and calibrated sustainability performance targets, significantly expanding the framework's scope and ambition beyond traditional green project financing to encompass broader corporate sustainability metrics and localized impact measurement.

• expanded Framework Scope — Evolved from 'Green Financing Framework' focused solely on green project financing to 'Sustainable Impact Financing Framework' that integrates both use of proceeds financing and sustainability-linked financing components.
• expanded Eligibility Criteria — Added new Local Impact Indicators (LII) component with localized impact targeting, including incorporation of water services in LII2 and additional indicators (LII7, LII8) in revisions.
• modified Standards Alignment — Shifted from primary reliance on EU Green Bond Standard and EU Taxonomy as reference standards to alignment with 'global guidelines' (unspecified) alongside continued taxonomy alignment.
• modified Climate Target — Extended Corporate Key Performance Indicator (CKPI) objectives timeline from earlier framework to 2030, reflecting alignment with UN SDG agenda timeline.
• expanded Reporting and Governance — Significantly expanded reporting framework to include separate annual reporting streams for Green Use of Proceeds & Impact, Corporate KPI metrics, and Local Impact Indicators, with new governance mechanisms including Review Events and recalculation provisions.
• added Sustainability-Linked Financing — Introduced entirely new Section 4 on Sustainability-Linked Financing with Corporate Key Performance Indicators and Corporate Sustainability Performance Targets calibration process not present in 2019 framework.
• added Local Impact Component — Added entirely new Section 5 establishing Local Impact Indicator selection and Local Impact Target calibration mechanism, representing new localized impact accountability structure.