Caja Rural de Navarra Sustainable Finance Framework (Dec 2024)

The framework underwent a significant structural and scope expansion from 2020 to 2024. The 2024 version broadens the framework from solely "Sustainability Bonds" to a comprehensive "Sustainable Finance Framework" that covers both bonds and loans, enabling financing and refinancing activities. A new section on the rationale for sustainable finance and background of the update was added, and external reviews are now explicitly documented. Additionally, the 2024 version introduces a detailed ESG Framework for the Treasury Portfolio and a comprehensive list of KPIs as formal appendices, reflecting increased governance and reporting sophistication.

• expanded Use of Proceeds — Framework expanded to cover both bonds and loans (not just bonds), and explicitly includes refinancing in addition to financing activities.
• added Governance Framework — New section added on 'Rationale for Sustainable Finance and Background of the Update' to explain the framework evolution.
• added Reporting — Explicit new section on 'External Reviews' documenting third-party verification and oversight mechanisms.
• expanded Standards Alignment — Introduction of ESG Framework for Treasury Portfolio as a formal appendix, indicating alignment with broader ESG standards beyond project-level use of proceeds.
• added Reporting — Formalized list of KPIs (Key Performance Indicators) as Appendix I to support structured sustainability tracking and measurement.
• expanded ESG Governance — Enhanced description of CRN's Social Welfare Fund commitment, specifying that 10% of annual profits are donated to promote cooperative model and social/environmental initiatives.