Second-Party Opinion Nivika Green Finance Framework

The 2021 version introduces a formal Second-Party Opinion from Sustainalytics that provides independent validation of the Green Finance Framework against recognized standards. The newer document establishes a structured governance framework with explicit management of proceeds procedures, mandatory annual reporting, and alignment with Green Bond Principles 2021 and Green Loan Principles 2023. The 2020 version was primarily an internal sustainability strategy document, while the 2021 version formalizes the framework for issuing green debt instruments with clear eligibility criteria, allocation tracking, and external oversight mechanisms.

• added Standards Alignment — Explicit alignment with Green Bond Principles 2021 and Green Loan Principles 2023 established through Sustainalytics Second-Party Opinion
• clarified Use of Proceeds — Green and Energy-Efficient Buildings category explicitly defined and confirmed as aligned with Green Bond and Green Loan Principles
• added Governance — Establishment of Green Finance Committee with formal responsibility for project evaluation, selection, and proceeds management
• tightened Eligibility Criteria — Internal processes for environmental and social risk identification and mitigation formally documented and required for all allocation decisions
• expanded Reporting — Mandatory annual public reporting on allocation and impacts until full allocation, including portfolio approach tracking via green register and disclosure of financing vs. refinancing proportions
• added Management of Proceeds — Formalized process for managing unallocated proceeds as cash, cash equivalents, or short-term liquid instruments pending full allocation