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These case studies have been developed particularly to highlight SLBs that include targets that" /> <meta name="generator" content="Drupal 7 (http://drupal.org)" /> <link rel="canonical" href="https://www.climatebonds.net/market/slb-case-studies" /> <link rel="shortlink" href="https://www.climatebonds.net/node/196887" /> <meta property="og:site_name" content="Climate Bonds Initiative" /> <meta property="og:title" content="SLB Case Studies" /> <meta property="og:description" content="The following examples of sector-by-sector best practice showcase the use of sustainability-linked bonds (SLBs) to demonstrate their commitment to their transition plans, encourage higher credibility SLB issuance, and alignment with the Climate Bonds SLB Database (SLBD) methodology. These case studies have been developed particularly to highlight SLBs that include targets that cover all material emissions for their issuer's sector. For a full list of material emission sources by sector, please refer to the Climate Bonds SLBD methodology." /> <meta property="og:updated_time" content="2024-01-23T10:01:41+00:00" /> <meta property="og:image" content="https://www.climatebonds.net/sites/all/themes/climatebonds/images/og-image.jpg" /> <meta property="og:image:url" content="https://www.climatebonds.net/sites/all/themes/climatebonds/images/og-image.jpg" /> <meta property="og:image:secure_url" content="https://www.climatebonds.net/sites/all/themes/climatebonds/images/og-image.jpg" /> <meta property="og:image:type" content="image/jpeg" /> <meta property="og:image:width" content="1045" /> <meta property="og:image:height" content="600" /> <meta property="article:published_time" content="2023-01-04T00:00:00+00:00" /> <meta property="article:modified_time" content="2024-01-23T10:01:41+00:00" /> <title>SLB Case Studies | Climate Bonds Initiative</title> <link type="text/css" rel="stylesheet" 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class="col-sm-9"> <ol class="breadcrumb"><li><a href="/market-intelligence">Markets</a></li> <li><a href="/market/SLBD">Sustainability-Linked Bond Dataset Methodology</a></li> <li class="active">SLB Case Studies</li> </ol> <a id="main-content"></a> <h1 class="page-header">SLB Case Studies</h1> <div class="region region-content"> <section id="block-system-main" class="block block-system clearfix"> <article id="node-196887" class="node node-page clearfix"> <div class="field field-name-body field-type-text-with-summary field-label-hidden"><div class="field-items"><div class="field-item even"><form action="https://www.climatebonds.net/market/SLB-case-studies" method="post" id="collapse-text-dynamic-form-number-1" accept-charset="UTF-8"><div><div class="collapse-text-text"><p><img alt="" src="https://www.climatebonds.net/files/images/SLB%20Methodology_Web%20banner%2002.jpg" style="width: 900px; height: 255px;" /></p> <p>The following examples of sector-by-sector best practice showcase the use of sustainability-linked bonds (SLBs) to demonstrate their commitment to their transition plans, encourage higher credibility SLB issuance, and alignment with the Climate Bonds SLB Database (SLBD) methodology.</p> <p>These case studies have been developed particularly to highlight SLBs that include targets that cover all material emissions for their issuer's sector. For a full list of material emission sources by sector, please refer to the <a href="https://www.climatebonds.net/market/SLBD">Climate Bonds SLBD methodology</a>. </p> <div style="box-sizing: border-box; border-radius: 5px; font-family: Tahoma, Arial, sans-serif; font-size: 14px; background-color: rgb(148, 222, 229); width: 25%; float: right; margin-left: 10px; margin-right: 3px; padding: 10px;"> <p style="box-sizing: border-box; margin: 0px 0px 10px;"><a href="https://www.climatebonds.net/market/SLBs"><strong>Guidance on </strong><strong style="font-size: 14px;">SLBs</strong></a></p> <p>Resources:</p> <ol><li> <div><a href="https://www.climatebonds.net/market/SLBD">Climate Bonds Sustainability-linked Bond Database Methodology</a></div> </li> <li> <div><a href="https://www.climatebonds.net/resources/reports/financing-credible-transitions">Financing Credible Transitions (White Paper)</a></div> </li> <li> <div><a href="https://www.climatebonds.net/transition-finance-transforming-companies">Transition Finance for Transforming Companies</a></div> </li> <li><a href="https://www.climatebonds.net/climate-bonds-standard-v4">Climate Bonds Standard Version 4.0: Corporate Entity & SLB Certification</a></li> </ol></div> <hr /></div><fieldset class="collapse-text-fieldset collapsible panel panel-default form-wrapper" id="bootstrap-panel"><legend class="panel-heading"> <a href="#bootstrap-panel-body" class="panel-title fieldset-legend collapsed" data-toggle="collapse">Sector: Construction</a> </legend> <div class="panel-body panel-collapse collapse fade collapsed" id="bootstrap-panel-body"> <div class="collapse-text-text"> <h2>Case study: Nishimatsu</h2> <p><strong>Aligned SLB </strong></p> <p>Nishimatsu Construction Co., Ltd is a large multinational Japanese construction company, primarily engaged in civil engineering projects and real estate development. In 2022, Nishimatsu reported total GHG emissions of 3.3mt CO<sub>2</sub>, of which approximately 2% were scope 1 and 2 emissions, <strong>and 98% scope 3</strong>. Scope 3 category 11 emissions associated with energy use during the operational phase of completed and delivered buildings comprise over 75% of total emissions. </p> <p> </p> <p><strong>To achieve carbon neutrality by 2030, Nishimatsu has developed a CO<sub>2</sub> Emissions Reduction Plan (ZERO30 Roadmap) that outlines comprehensive Scope 1, 2, and 3 targets covering all material sources of emissions.</strong></p> <p> </p> <p>As part of this plan, Nishimatsu Construction issued its first Sustainability-Linked Bond in July 2023.</p> <p> </p> <table border="1" cellpadding="0" cellspacing="0"><tbody><tr><td colspan="4" style="width:590px;height:9px;"> <p><strong>Amount Issued</strong> JPY20.0bn (USD142m)</p> </td> </tr><tr><td style="width:147px;height:9px;"> <p><strong>Issue Date</strong></p> </td> <td style="width:140px;height:9px;"> <table border="0" cellpadding="0" cellspacing="0" width="126"><tbody><tr><td style="width:126px;height:20px;"> <p><strong>27 July 2023</strong></p> </td> </tr></tbody></table><p> </p> </td> <td style="width:153px;height:9px;"> <p><strong>Maturity Date</strong></p> </td> <td style="width:150px;height:9px;"> <table border="0" cellpadding="0" cellspacing="0" width="136"><tbody><tr><td style="width:136px;height:20px;"> <p><strong>27 July 2028</strong></p> </td> </tr></tbody></table><p> </p> </td> </tr><tr><td colspan="4" style="width:590px;height:9px;"> <p><strong>Financial Mechanism</strong>: Redemption Premium (Green Electricity Certificate/Carbon Offset)</p> <p><strong>FM Amount:</strong> 0.070 (Target 1) and 0.03 (Target 2) </p> <p> </p> </td> </tr><tr><td rowspan="2" style="width:147px;height:9px;"> <p><strong>Key Performance Indicator(s)</strong></p> </td> <td style="width:140px;height:9px;"> <p>Scope 1+2 emissions reduction rate</p> </td> <td rowspan="2" style="width:153px;height:9px;"> <p><strong>Sustainability Performance Target</strong></p> </td> <td style="width:150px;height:9px;"> <p>Annual reduction 42% vs. 2020 baseline</p> </td> </tr><tr><td style="width:140px;height:9px;"> <p>Scope 3 (Category 11) emissions reduction rate </p> </td> <td style="width:150px;height:9px;"> <p>Annual reduction 25% vs. 2020 baseline</p> </td> </tr><tr><td colspan="4" style="width:590px;height:9px;"> <p> <strong>Assessment: Fully Aligned </strong></p> </td> </tr></tbody></table><p> </p> <table border="1" cellpadding="0" cellspacing="0"><tbody><tr><td style="width:601px;"> <p><strong>Emission sources required by </strong><a href="https://www.climatebonds.net/files/files/CBI_Method_SLBD%281%29.pdf"><strong>SLB Database Methodology</strong></a><strong> for sector</strong></p> </td> </tr><tr><td style="width:601px;"> <p>Scope 1, 2, and 3 <em>or</em> 80% of total emissions</p> </td> </tr></tbody></table><p> </p> <p>The company aims for a 45.3% reduction in scope 1 and 2 emissions by 2025 and 54.8% by 2030, both against 2020 baselines. The remaining emissions in 2030 will be offset using renewable power generation, which represents <1% of Nishimatsu’s total footprint, well below the 10% threshold required by the SLBD Methodology.</p> <p> </p> <p>The targets for reductions in scope 3 targets of 26% by 2025 and 27% by 2030 (v. 2020) cover category 11 emissions, relating to energy used in their completed buildings. Target emission levels have also been identified for each interim year between the reporting period of 2022 to 2030. Together, these SLB targets represent 85.2% of the company’s total emission footprint, above the 80% threshold required by the SLBD Methodology. The Science Based Targets initiative (SBTi) validated these targets as significantly below the emission reduction level required to limit warming to 2°C, and the company is seeking SBTi 1.5°C certification by 2024. </p> <p> </p> <p><strong>Nishimatsu’s action plan quantifies short- and medium-term levers</strong>, such as energy factor reduction, energy conservation, and introduction of renewable energy. The company’s strategy for scope 3 emissions entails expanding zero-emission buildings (ZEBs) construction, so that it becomes the default for projects by 2050. This will be supplemented by the development of carbon-reduction technologies and construction materials, as well as increasing supplier engagement. Robust annual reporting practices indicate that these levers have kept Nishimatsu on track to deliver on short-, and medium-term goals as of 2022.</p> <p> </p> <p>Nishimatsu’s targets are detailed, front-loaded, and more ambitious than the SBTi 1.5°C emission level. Additionally, the granularity of forward and backwards-looking reporting for levers and strong governance practices is to be commended. Even so, Climate Bonds would urge greater transparency in emission data reporting and caution against offset-reliant pathways.</p> <p> </p> <table border="0" cellpadding="0" cellspacing="0" style="border-collapse: collapse; caret-color: rgb(0, 0, 0); color: rgb(0, 0, 0);" width="80%"><tbody><tr><td align="center" data-template-container="" id="templateHeader" style="background-image: none; background-size: cover; border-top-width: 0px; border-bottom-width: 0px; padding-top: 0px; padding-bottom: 0px; background-position: center center; background-repeat: no-repeat no-repeat;" valign="top"> </td> </tr><tr><td align="center" data-template-container="" id="templateBody" style="background-image: none; background-size: cover; border-top-width: 0px; border-bottom-width: 0px; padding-top: 0px; padding-bottom: 0px; background-position: center center; background-repeat: no-repeat no-repeat;" valign="top"> <table align="center" border="0" cellpadding="0" cellspacing="0" class="templateContainer" style="border-collapse: collapse; max-width: 600px !important; width: 600px !important;" width="100%"><tbody><tr><td class="bodyContainer" style="background-image: none; background-size: cover; border-top-width: 0px; border-bottom-width: 0px; padding-top: 0px; padding-bottom: 0px; background-position: center center; background-repeat: no-repeat no-repeat;" valign="top"> <table border="0" cellpadding="0" cellspacing="0" class="mcnTextBlock" style="border-collapse: collapse; min-width: 100%;" width="100%"><tbody class="mcnTextBlockOuter"></tbody></table></td> </tr></tbody></table></td> </tr></tbody></table></div> </div> </fieldset><div class="collapse-text-text"> <p></p> </div><fieldset class="collapse-text-fieldset collapsible panel panel-default form-wrapper" id="bootstrap-panel--2"><legend class="panel-heading"> <a href="#bootstrap-panel-2-body" class="panel-title fieldset-legend collapsed" data-toggle="collapse">Sector: Airports</a> </legend> <div class="panel-body panel-collapse collapse fade collapsed" id="bootstrap-panel-2-body"> <div class="collapse-text-text"> <h2>Case study: Heathrow</h2> <p><strong>Not-aligned SLB (partially not in line with pathway)</strong></p> <p> </p> <p>Heathrow is the UK’s busiest airport and reported 14.7 Mt CO<sub>2</sub>e of GHG emissions in 2022, of which 0.2% were scope 1 and the remaining 99% scope 3. <strong>Heathrow is the first and only airport (as of Jan 2024) to issue an SLB targeting absolute emissions relating to flights, covering all material emission sources.</strong></p> <p> </p> <p>While Heathrow’s <em>on the ground</em> target aligns with the SBTi ACA pathway, the <em>in the air</em> target is not aligned with the TPI 1.5°C Airlines pathway so the bond is categorised as not aligned. Nonetheless, we celebrate Heathrow’s leadership and encourage other Airport SLB issuers to follow suit. </p> <p> </p> <table border="1" cellpadding="0" cellspacing="0"><tbody><tr><td colspan="4" style="width:590px;height:9px;"> <p><strong>Amount Issued</strong> EUR650m (USD714.3m)</p> </td> </tr><tr><td style="width:147px;height:9px;"> <p><strong>Issue Date</strong></p> </td> <td style="width:140px;height:9px;"> <table border="0" cellpadding="0" cellspacing="0"><tbody><tr><td style="width:126px;height:20px;"> <p> 11 July 2023</p> <p> </p> </td> </tr></tbody></table><p> </p> </td> <td style="width:153px;height:9px;"> <p><strong>Maturity Date</strong></p> </td> <td style="width:150px;height:9px;"> <table border="0" cellpadding="0" cellspacing="0"><tbody><tr><td style="width:136px;height:20px;"> <p>11 July 2033</p> <p> </p> </td> </tr></tbody></table><p> </p> </td> </tr><tr><td colspan="4" style="width:590px;height:9px;"> <p><strong>Financial Mechanism</strong>: Step-up 25bps</p> <p>Amounts to USD10.7m maximum potential penalty (50bps extra on 3 coupon payments)</p> <p> </p> </td> </tr><tr><td rowspan="2" style="width:147px;height:9px;"> <p><strong>Key Performance Indicator(s)</strong></p> </td> <td style="width:140px;height:9px;"> <p>On the ground GHG Emissions (Scope 1, 2, 3) </p> </td> <td rowspan="2" style="width:153px;height:9px;"> <p><strong>Sustainability Performance Target</strong></p> </td> <td style="width:150px;height:9px;"> <p>-15% Absolute Emissions by 2030, against a 2019 baseline</p> <p> </p> </td> </tr><tr><td style="width:140px;height:9px;"> <p>In the air GHG Emissions (Scope 3: Category 11)</p> </td> <td style="width:150px;height:9px;"> <p>Absolute emissions reduction of 46% by 2030, against a 2019 baseline</p> </td> </tr><tr><td colspan="4" style="width:590px;height:9px;"> <p> <strong>Assessment: </strong>Not-aligned (partially not in line with pathway)</p> </td> </tr></tbody></table><p> </p> <table border="1" cellpadding="0" cellspacing="0"><tbody><tr><td style="width:601px;"> <p><strong>Emission sources required by </strong><a href="https://www.climatebonds.net/files/files/CBI_Method_SLBD%281%29.pdf"><strong>SLB Database Methodology</strong></a><strong> for sector</strong></p> </td> </tr><tr><td style="width:601px;"> <p>Scope 1, 2, and 3 <em>or</em> 80% of total emissions (inclusive of in the air emissions)</p> </td> </tr></tbody></table><p> </p> <p><strong>Heathrow’s </strong><a href="https://www.heathrow.com/content/dam/heathrow/web/common/documents/company/heathrow-2-0-sustainability/futher-reading/Heathrow%20Net%20Zero%20Plan%20FINAL.pdf"><strong>transition plan</strong></a><strong> details a comprehensive net-zero transition narrative</strong>. The in the air emission reduction levers include optimising airspace/operational efficiency, fuel-switching to sustainable aviation fuel (SAF), and zero-carbon flight R&D. To reduce on the ground emissions, there are plans to integrate EVs, supply-chain engagement, and infrastructure changes.</p> <p> </p> <p><strong>Climate bonds commends the levers spanning all material emission</strong> <strong>scopes</strong>, particularly engagement with airlines operating within the airport. While the plan’s decarbonisation capex allocation of £207m (USD265.4m) is a significant investment, more ambition in this respect will require require further capital. Heathrow’s fallback position, should SAF and alternative-fuel plans not commercialise in time, places an overreliance on carbon capture utilisation and storage (CCUS), which is not considered a credible transition lever by Climate Bonds.</p> <p> </p> <p><strong>Overall, Heathrow exhibits robust governance</strong> via the Board’s subcommittee dedicated to sustainability issues, a Carbon and Sustainability Delivery Committee, and executives whose remuneration is tied to decarbonisation. Their disclosure is encouragingly granular, with annual scope-wise emission breakdowns reported and externally verified. </p> </div> </div> </fieldset><div class="collapse-text-text"> <p></p> </div><fieldset class="collapse-text-fieldset collapsible panel panel-default form-wrapper" id="bootstrap-panel--3"><legend class="panel-heading"> <a href="#bootstrap-panel-3-body" class="panel-title fieldset-legend collapsed" data-toggle="collapse">Sector: Electric Utilities</a> </legend> <div class="panel-body panel-collapse collapse fade collapsed" id="bootstrap-panel-3-body"> <div class="collapse-text-text"> <h2>Case study: Enel</h2> <p><strong>Aligned SLB </strong></p> <p><strong>Enel </strong>is an Italian multinational manufacturer and distributor of electricity and gas. Its businesses include green and thermal power generation, electricity distribution, and retail electricity and gas. As of June 2023, Enel had issued 30 SLBs worth USD31.1bn, four of which are tied to renewable energy installed capacity targets, one deal to greenhouse gas (GHG) scope 1 and 3 targets, and the remainder to GHG scope 1 targets. In 2022, Enel reported emissions of 132.9 MtCO<sub>2</sub>eq, of which around 40% are scope 1, 3% are scope 2, and 57% are scope 3. Their scope 1 and 3 bond (described below) covered a total of 77.6% of their total emission footprint and is the only one of their bonds categorised as aligned in the Climate Bonds SLB Database.</p> <p> </p> <table border="1" cellpadding="0" cellspacing="0"><tbody><tr><td colspan="4" style="width:601px;height:5px;"> <p><strong>Amount Issued</strong> EUR750.0m (USD800.6m)</p> </td> </tr><tr><td style="width:157px;height:5px;"> <p><strong>Issue Date</strong> </p> </td> <td style="width:161px;height:5px;"> <p> <strong>20 February 2023</strong></p> <p> </p> </td> <td style="width:164px;height:5px;"> <p><strong>Maturity Date</strong> </p> </td> <td style="width:119px;height:5px;"> <p><strong>20 February 2043</strong></p> <p> </p> </td> </tr><tr><td colspan="4" style="width:601px;height:5px;"> <p><strong>Financial Mechanism</strong>: Step-up 25bps</p> </td> </tr><tr><td rowspan="2" style="width:157px;height:5px;"> <p><strong>Key Performance Indicator(s)</strong> </p> </td> <td style="width:161px;height:5px;"> <p>GHG Emissions Intensity (Scope 1, 3 – related to integrated power)</p> </td> <td rowspan="2" style="width:164px;height:5px;"> <p><strong>Sustainability Performance Target</strong> </p> </td> <td style="width:119px;height:5px;"> <p>0 gCO<sub>2</sub>e/kWh</p> </td> </tr><tr><td style="width:161px;height:5px;"> <p>GHG Emissions (Scope 3 – related to gas retail)</p> </td> <td style="width:119px;height:5px;"> <p>0 Mt CO<sub>2</sub>e</p> </td> </tr><tr><td colspan="4" style="width:601px;height:5px;"> <p> <strong>Assessment: </strong>Fully Aligned</p> </td> </tr></tbody></table><p> </p> <table border="1" cellpadding="0" cellspacing="0"><tbody><tr><td style="width:601px;"> <p><strong>Emission sources required by </strong><a href="https://www.climatebonds.net/files/files/CBI_Method_SLBD%281%29.pdf"><strong>SLB Database Methodology</strong></a><strong> for sector</strong></p> </td> </tr><tr><td style="width:601px;"> <p>Scope 1* or 80% of total emissions</p> <p>*If entity has fossil fuel-based business segment, scopes 2 and 3 are also required</p> </td> </tr></tbody></table><p> </p> <p><strong>Enel has short-, mid-, and long-term targets for all material scopes of emissions that align with</strong> <strong>the </strong><strong>1.5°C</strong> <strong>pathway for electrical utilities<em>.</em> </strong>These were revised in 2022 to increase the ambition of the decarbonisation pathway, targeting a reduction of 78% by 2030 and 100% by 2040 in scope 1 and 3 GHG emission intensity relating to integrated power (gCO2eq/kWh), both against 2017 baselines. This included a 90% reduction in absolute emissions for all scopes by 2040, vs 2017.</p> <p> </p> <p><strong>Enel has published detailed transition plans</strong>, reliant on exiting its existing coal and fossil gas businesses, replacing them with large-scale renewable energy installed capacity, and investments in its transmission and distribution arm, as well as smart energy demand management. Enel's commitment to phasing out the stranded fossil-based assets, supported by a robust investment plan, is to be commended.</p> <p>Enel has committed EUR210bn between 2021–30 to increase its renewables energy mix (43%), continue the expansion of its distribution and transmission networks (44%), as well as its energy management business and support services (10%), with minimal investments in its conventional energy sources (3%). Overall, low-carbon business areas represented 92% of total capex in 2022. While Enel's detailed financial commitment is notable, both GHG emissions and revenues from coal plants have increased year-on-year. Therefore, the front-loading of emission reductions and implementation of planned decarbonisation levers should commence as soon as is feasible.</p> <p> </p> <p><strong>This vision is supported by Enel’s sound governance structure</strong>. Progress on transition-related key performance indicators (KPIs) is reported directly to the Board and executive remuneration is tied to transition performance targets. Enel reports on a range of transition-related transition KPIs in its annual reports, and its SLB portfolio is tied to scope 1 emission and renewable energy targets. </p> </div> </div> </fieldset><div class="collapse-text-text"> <p></p> </div><fieldset class="collapse-text-fieldset collapsible panel panel-default form-wrapper" id="bootstrap-panel--4"><legend class="panel-heading"> <a href="#bootstrap-panel-4-body" class="panel-title fieldset-legend collapsed" data-toggle="collapse">Sector: Sovereigns</a> </legend> <div class="panel-body panel-collapse collapse fade collapsed" id="bootstrap-panel-4-body"> <div class="collapse-text-text"> <h3>Case study: Chile</h3> <p><strong>Fully-aligned SLB</strong></p> <p>The Government of Chile issued the first sovereign SLB in March 2022, and has issued a further five times since in a variety of currencies (as of Dec 2023). Chile has set a precedent for other sovereigns looking to issue SLBs as governments increasingly look for means to finance their commitments to decarbonise their economies. Although Chile’s GHG emission targets are in line with their nationally determined contributions (NDCs), they lack the ambition needed to achieve the core tenet of the Paris Agreement: to keep global warming to 1.5°C. This is despite setting materially relevant KPIs and initiating a programme to convert all existing debt issuance to GSS+ debt. Chile and other potential sovereign SLB issuers need to strive further in their ambition to align with 1.5°C.</p> <p> </p> <table border="1" cellpadding="0" cellspacing="0"><tbody><tr><td colspan="4" style="width:590px;height:9px;"> <p><strong>Amount Issued</strong> USD2bn</p> </td> </tr><tr><td style="width:147px;height:9px;"> <p><strong>Issue Date</strong></p> </td> <td style="width:140px;height:9px;"> <p>7 March 2022</p> </td> <td style="width:153px;height:9px;"> <p><strong>Maturity Date</strong></p> </td> <td style="width:150px;height:9px;"> <p>7 March 2042</p> </td> </tr><tr><td colspan="4" style="width:590px;height:9px;"> <p><strong>Financial Mechanism Type: </strong></p> <p>KPI 1 & 2 Coupon step-up 6.25bp each</p> <p>KPI 3 Coupon step-up 12.5bp</p> </td> </tr><tr><td rowspan="3" style="width:147px;height:9px;"> <p><strong>Key Performance Indicator(s)</strong></p> </td> <td style="width:140px;height:9px;"> <p>Absolute GHG Emissions</p> </td> <td rowspan="3" style="width:153px;height:9px;"> <p><strong>Sustainability Performance Target</strong></p> </td> <td style="width:150px;height:9px;"> <p>A reduction of 15.4% (95 Mt CO<sub>2</sub>e) by 2030</p> </td> </tr><tr><td style="width:140px;height:9px;"> <p>Maximum GHG Emissions</p> </td> <td style="width:150px;height:9px;"> <p>Achieve maximum of 1100 MtCO<sub>2</sub>e between 2020–2030</p> </td> </tr><tr><td style="width:140px;height:9px;"> <p>Renewable Installed Capacity</p> </td> <td style="width:150px;height:9px;"> <p>60% of all energy sources by 2032</p> </td> </tr><tr><td colspan="4" style="width:590px;height:9px;"> <p> <strong>Assessment: Fully Aligned</strong></p> </td> </tr></tbody></table><p> </p> <table border="1" cellpadding="0" cellspacing="0"><tbody><tr><td style="width:601px;"> <p><strong>Emission sources required by </strong><a href="https://www.climatebonds.net/files/files/CBI_Method_SLBD%281%29.pdf"><strong>SLB Database Methodology</strong></a><strong> for sovereigns</strong></p> </td> </tr><tr><td style="width:601px;"> <p>Emissions produced within the country</p> </td> </tr></tbody></table><p> </p> <p><strong>Although Chile has selected targets for a peak in emissions, a reduction of emissions overall, and a renewables target that will fuel its energy decarbonisation</strong>,<strong> this is only sufficient for a pathway to a below-2 degree scenario</strong>, according the evaluation of Chile’s absolute GHG emission pathway for KPI 1 by Climate Action Tracker (CAT), and the second party opinion (SPO) of the SLB example above.</p> <p> </p> <p>Although energy production is responsible for 40% of the Chile’s emissions, and this KPI is significantly material to Chile, the sustainability performance target (SPT) falls short of the country’s <a href="http://www.minenergia.cl/archivos_bajar/LIBRO-ENERGIA-2050-WEB.pdf">National Energy Policy</a> target of 80% renewables by 2030. This is despite the fact that the second KPI, targeting a peak in Chilean emissions before 2030, supports and strengthens the first KPI, while the third KPI, targeting 60% installed capacity of renewables by 2032, proves more ambitious as it is within a 1.5°C pathway.</p> <p> </p> <p><strong>Both the Government of Chile's National Action Plan for Climate Change 2017</strong>–<strong>2022 and Long-Term Climate Strategy outline a variety of levers</strong>: green taxes, a national policy for decommissioning coal, a green hydrogen national strategy, and fostering public and private preferred lending for renewables. Chile’s ambition to decommission 65% of its coal-powered generation by 2025 and efforts to make its 2050 GHG neutrality target legally binding are to be commended.</p> <p> </p> <p><strong>Accountability mechanisms surrounding Chile’s transition appear robust</strong>, including a series of legal and regulatory frameworks to assess, limit, and mitigate environmental impact, biennial reports on KPIs 1 and 2, and assurance for all KPIs.</p> <p> </p> </div> </div> </fieldset><div class="collapse-text-text"> <p></p> </div><fieldset class="collapse-text-fieldset collapsible panel panel-default form-wrapper" id="bootstrap-panel--5"><legend class="panel-heading"> <a href="#bootstrap-panel-5-body" class="panel-title fieldset-legend collapsed" data-toggle="collapse">Sector: Steel</a> </legend> <div class="panel-body panel-collapse collapse fade collapsed" id="bootstrap-panel-5-body"> <div class="collapse-text-text"> <h3>Case study: JSW Steel</h3> <p><strong>Aligning SLB</strong></p> <p>JSW Steel is India’s leading integrated steel company and issued its first SLB in 2021. In 2022, it reported scope 1 and 2 emissions of 49.3 m tCO<sub>2</sub> and scope 3 emissions of 1.28 m tCO<sub>2</sub>.</p> <p> </p> <table border="1" cellpadding="0" cellspacing="0" style="width:629px;" width="629"><tbody><tr><td colspan="4" style="width:629px;height:6px;"> <p><strong>Amount Issued</strong> USD500.0m</p> </td> </tr><tr><td style="width:186px;height:6px;"> <p><strong>Issue Date</strong> </p> </td> <td style="width:141px;height:6px;"> <p>23 September 2021 </p> </td> <td style="width:175px;height:6px;"> <p><strong>Maturity Date</strong> </p> </td> <td style="width:127px;height:6px;"> <p>5 April 2032</p> </td> </tr><tr><td colspan="4" style="width:629px;height:6px;"> <p>Financial Mechanism Type: Step up</p> <p>FM Amount: 0.375</p> </td> </tr><tr><td style="width:186px;height:50px;"> <p><strong>Key Performance Indicator(s)</strong> </p> </td> <td style="width:141px;height:50px;"> <p>GHG Emissions Intensity (Scope 1, 2)</p> </td> <td style="width:175px;height:50px;"> <p><strong>Sustainability Performance Target</strong> </p> </td> <td style="width:127px;height:50px;"> <p> </p> <p>A reduction of 23.0% by 2030 vs a 2020 baseline (1.95 tCO<sub>2</sub>/t steel produced)</p> <p> </p> </td> </tr><tr><td colspan="4" style="width:629px;height:4px;"> <p><strong>Assessment: Aligning </strong></p> </td> </tr></tbody></table><p> </p> <table border="1" cellpadding="0" cellspacing="0"><tbody><tr><td style="width:601px;"> <p><strong>Emission sources required by </strong><a href="https://www.climatebonds.net/files/files/CBI_Method_SLBD%281%29.pdf"><strong>SLB Database Methodology</strong></a><strong> for sector</strong></p> </td> </tr><tr><td style="width:601px;"> <p>Scope 1 and 2</p> </td> </tr></tbody></table><p> </p> <p><strong>JSW Steel has short and medium-term emission intensity targets</strong> of 2.37 tCO<sub>2</sub>/tcs by 2024 and 1.95 tCO<sub>2</sub>/tcs by 2030. The company does not target net-zero emissions, nor does it have long-term emission goals. The SLB is categorised as aligning according to the Climate Bonds pathway because the SPT is not in line with the Climate Bonds pathway for steel, which demands a GHG Emissions Intensity of 1.8 tCO<sub>2</sub>/t by 2030. However, its pace of GHG reduction is in line with the pathway. Furthermore, the company’s transition levers address all scopes of emissions, allocate capex specifically for sustainability interventions, and are governed by a dedicated Climate Action Group that steers mitigation efforts, giving its transition plan credibility.</p> <p> </p> <p><strong>JSW Steel’s transition levers include boosting energy and process efficiency, diversifying into hydrogen, engaging with suppliers, energy transition, and R&D into alternative fuels</strong>. However, JSW lacks a concrete, quantified roadmap against which to deploy these levers, which impedes the credibility of their strategy. Furthermore, only 3.13% of its capex is allocated to implementing sustainability initiatives. Given the heavy carbon footprint of the steel industry, Climate Bonds urges JSW to detail a comprehensive pathway to net zero in its transition strategy.</p> <p> </p> <p><strong>JSW’s reporting practices are robust, with annual disclosure of externally verified KPIs and emission source breakdowns</strong>, which means the transition plan meets the Climate Bonds standard for aligning bonds.</p> <p> </p> </div> </div> </fieldset><div class="collapse-text-text"> <p></p> </div><fieldset class="collapse-text-fieldset collapsible panel panel-default form-wrapper" id="bootstrap-panel--6"><legend class="panel-heading"> <a href="#bootstrap-panel-6-body" class="panel-title fieldset-legend collapsed" data-toggle="collapse">Sector: Cement</a> </legend> <div class="panel-body panel-collapse collapse fade collapsed" id="bootstrap-panel-6-body"> <div class="collapse-text-text"> <h3>Case study: Holcim</h3> <p><strong>Aligning SLB</strong></p> <p> </p> <p>Holcim Ltd is a Swiss manufacturer of building materials. In 2022, Holcim’s reported GHG emissions of 130 Mt CO<sub>2</sub>e, of which 60% were scope 1 emissions, 4% were scope 2, and 36% were scope 3. As of November 2023, Holcim has issued seven SLBs, the GHG KPIs of which only cover scope 1 emissions. The most recent one is detailed below.</p> <table border="1" cellpadding="0" cellspacing="0" style="width:636px;" width="636"><tbody><tr><td colspan="4" style="width:636px;height:4px;"> <p><strong>Amount Issued</strong> USD147.5m</p> </td> </tr><tr><td style="width:188px;height:4px;"> <p><strong>Issue Date</strong> </p> </td> <td style="width:142px;height:4px;"> <p>19 May 2022 </p> </td> <td style="width:177px;height:4px;"> <p><strong>Maturity Date</strong> </p> </td> <td style="width:129px;height:4px;"> <p>5 April 2029</p> </td> </tr><tr><td colspan="4" style="width:636px;height:4px;"> <p>Financial Mechanism Type: Step-up</p> <p>FM Amount: 0.35</p> </td> </tr><tr><td rowspan="2" style="width:188px;height:33px;"> <p><strong>Key Performance Indicator(s)</strong> </p> </td> <td style="width:142px;height:33px;"> <p>GHG Emission Intensity (Scope 1)</p> </td> <td rowspan="2" style="width:177px;height:33px;"> <p><strong>Sustainability Performance Target</strong> </p> </td> <td style="width:129px;height:33px;"> <p>520 kg CO<sub>2</sub>/t cementitious material by 2025</p> </td> </tr><tr><td style="width:142px;height:33px;"> <p>Water Usage Intensity</p> </td> <td style="width:129px;height:33px;"> <p>Reduction of 25% vs</p> <p>2018 by 2025</p> </td> </tr><tr><td colspan="4" style="width:636px;height:4px;"> <p><strong>Assessment: Aligning </strong></p> </td> </tr></tbody></table><p> </p> <table border="1" cellpadding="0" cellspacing="0"><tbody><tr><td style="width:601px;"> <p><strong>Emission sources required by </strong><a href="https://www.climatebonds.net/files/files/CBI_Method_SLBD%281%29.pdf"><strong>SLB Database Methodology</strong></a><strong> for sector</strong></p> </td> </tr><tr><td style="width:601px;"> <p>Scope 1</p> </td> </tr></tbody></table><p> </p> <p><strong>All of Holcim’s SLBs are assessed against Climate Bonds’ SLB Database Methodology as aligning</strong> because they miss the cement pathways of 539 kg CO<sub>2</sub>/t cementitious by 2025 and 463 kg CO<sub>2</sub>/t by 2030, but still meet the rate of reduction required by the pathway. Additionally, a robust transition plan and targets are in place (described below).</p> <p><strong>Holcim’s scope 1 and 2 emission intensity reduction targets of of 22.4% by 2030 and 95% by 2050, versus 2018 are SBTi 1.5°C validated</strong>. The scope 3 targets of 90% emissions reduction by 2050 and discrete medium-term targets for various scope 3 categories are in all consistent with well below 2ºC scenarios. While the alignment and breadth of targets is to be commended, Holcim should continue to front-load its emission reduction to the short and medium term.</p> <p> </p> <p><strong>The company’s decarbonisation strategy for scopes 1 and 2 is well-detailed</strong>: the contribution of key levers, such as energy and design efficiency, clinker reduction, and energy decarbonisation is quantified. For scope 3, Holcim anticipates the use of downstream transport decarbonisation and supply chain engagement to reach its targets. In view of these plans, Holcim strives for an annual green capex of CHF500mn by 2025. Overall, credible governance structures underpin Holcim’s comprehensive transition plan, where climate-related performance and strategy is subject to direct board oversight, executive committee accountability, and is tied to senior management compensation.</p> <p> </p> <p><strong>Holcim’s financial commitment towards transition</strong> and sector-specific levers, particularly the decarbonization of its asset base through lower-emission cement, is notable. However, this is overshadowed by the reliance on CCUS and other technologies for 44% of scope 1 and 2 emissions reductions. Climate Bonds would mandate avoiding CCUS for a materially significant proportion of emissions, to focus instead on credible transition strategies that mitigate, rather than offset, Holcim’s carbon footprint.</p> </div> </div> </fieldset><div class="collapse-text-text"> <p></p> </div><fieldset class="collapse-text-fieldset collapsible panel panel-default form-wrapper" id="bootstrap-panel--7"><legend class="panel-heading"> <a href="#bootstrap-panel-7-body" class="panel-title fieldset-legend collapsed" data-toggle="collapse">Sector: Automobile</a> </legend> <div class="panel-body panel-collapse collapse fade collapsed" id="bootstrap-panel-7-body"> <div class="collapse-text-text"> <h2>Case study: Valeo SE</h2> <p><strong>Fully aligned SLB</strong></p> <p> </p> <p>Valeo is a French producer of automotive parts. In 2022, the company reported GHG emissions of 45.2 MtCO<sub>2</sub>eq, of which approximately 2% were scope 1 and 2, 19% were scope 3 upstream, and 79% were scope 3 downstream.</p> <p> </p> <p>As of November 2023, Valeo has issued 3 SLBs, all of which have been assessed as fully aligned against Climate Bonds SLB Methodology. The most recent issuance, and the company’s transition plan, is outlined below.</p> <p> </p> <table border="1" cellpadding="0" cellspacing="0" style="width:629px;" width="629"><tbody><tr><td colspan="4" style="width:629px;height:6px;"> <p><strong>Amount Issued</strong> EUR750.0m (USD784.7m)</p> </td> </tr><tr><td style="width:186px;height:6px;"> <p><strong>Issue Date</strong> </p> </td> <td style="width:116px;height:6px;"> <p>28<sup>th</sup> November 2022</p> </td> <td style="width:151px;height:6px;"> <p><strong>Maturity Date</strong> </p> </td> <td style="width:176px;height:6px;"> <p>28<sup>th</sup> May 2027</p> </td> </tr><tr><td colspan="4" style="width:629px;height:6px;"> <p>Financial Mechanism Type: Step up</p> <p>FM Amount: 0.750</p> </td> </tr><tr><td style="width:186px;height:75px;"> <p><strong>Key Performance Indicator(s)</strong> </p> </td> <td style="width:116px;height:75px;"> <p>GHG Emissions (Scope 1, 2, 3)</p> </td> <td style="width:151px;height:75px;"> <p><strong>Sustainability Performance Target</strong> </p> </td> <td style="width:176px;height:75px;"> <p>Reduction of 23.5% vs 2019 by 2025 (37.95 Mt CO<sub>2</sub>e)</p> </td> </tr><tr><td colspan="4" style="width:629px;height:4px;"> <p><strong>Assessment: Fully Aligned </strong></p> </td> </tr></tbody></table><p> </p> <table border="1" cellpadding="0" cellspacing="0"><tbody><tr><td style="width:601px;"> <p><strong>Emission sources required by </strong><a href="https://www.climatebonds.net/files/files/CBI_Method_SLBD%281%29.pdf"><strong>SLB Database Methodology</strong></a><strong> for sector</strong></p> </td> </tr><tr><td style="width:601px;"> <p>Scope 3 or 80% of total emissions</p> </td> </tr></tbody></table><p> </p> <p><strong>Valeo’s GHG targets cover all scopes of emissions in the short-, mid- and long-term</strong>. The company’s short-, and medium-term targets are SBTi 1.5°C ACA aligned, aiming for scope 1, 2, 3 emissions reduction to 37.95 MtCO<sub>2</sub>e by 2025 and 27.88 MtCO<sub>2</sub>e by 2030. Valeo is striving for carbon neutrality for all scopes in Europe and scopes 1, 2, and upstream 3 globally by 2050. It also has a separate set of net emission targets that consider the electrification benefits of Valeo's solutions. In 2022, the company surpassed the targets it set itself, which is an encouraging forward indicator.</p> <p> </p> <p><strong>Valeo’s CAP 50 carbon neutrality plan comprehensively describes specific levers</strong> with quantified targets, where relevant. These include expanding the proportion of low-carbon energy (80% by 2030), engaging with suppliers to tackle upstream scope 3 emissions, and decarbonising downstream transport. Over EUR400mn has been allocated towards decarbonising operations across the business.</p> <p> </p> <p><strong>Critically, the company’s strategy is driven by developing innovative technology for low-carbon mobility and decarbonising from the design phase of its products</strong>. Overall, the granularity of Valeo’s decarbonisation vision and the ambition of its credible targets, both of which are sector-specific and material to the company’s business, are to be commended. Yet, the company should prioritise tackling downstream scope 3 emissions globally, as they comprise the largest category of its carbon footprint.</p> <p> </p> <p><strong>Additionally, Valeo undertakes transparent disclosure and governance practices</strong> that include reporting annually on verified emissions data and progress against targets, governance by the Board of carbon-neutrality pathways, and CEO remuneration which is qualitatively tied to the CAP 50 plan.</p> </div> </div> </fieldset><div class="collapse-text-text"> <p></p> </div><fieldset class="collapse-text-fieldset collapsible panel panel-default form-wrapper" id="bootstrap-panel--8"><legend class="panel-heading"> <a href="#bootstrap-panel-8-body" class="panel-title fieldset-legend collapsed" data-toggle="collapse">Sector: Mining</a> </legend> <div class="panel-body panel-collapse collapse fade collapsed" id="bootstrap-panel-8-body"> <div class="collapse-text-text"> <h2>Case study: Newmont Corporation</h2> <p><strong>Fully aligned SLB</strong></p> <p> </p> <p>Newmont Corporation is the world’s leading gold mining company and became the first mining company to issue a SLB in December 2021. In 2022, the company reported 8.38 Mt CO<sub>2</sub>eq in GHG emissions, of which 21% are scope 1, 18% are scope 2, and 61% are scope 3.</p> <p> </p> <table border="1" cellpadding="0" cellspacing="0" style="width:629px;" width="629"><tbody><tr><td colspan="4" style="width:629px;height:6px;"> <p><strong>Amount Issued</strong> USD1000m</p> </td> </tr><tr><td style="width:113px;height:6px;"> <p><strong>Issue Date</strong> </p> </td> <td style="width:208px;height:6px;"> <p>20 December 2021</p> </td> <td style="width:181px;height:6px;"> <p><strong>Maturity Date</strong> </p> </td> <td style="width:127px;height:6px;"> <p>15 July 2032</p> </td> </tr><tr><td colspan="4" style="width:629px;height:6px;"> <p>Financial Mechanism Type: Step up</p> <p>FM Amount: 0.250</p> </td> </tr><tr><td rowspan="3" style="width:113px;height:25px;"> <p>Key Performance Indicator(s) </p> </td> <td style="width:208px;height:25px;"> <p>GHG Emissions (Scope 1, 2)</p> </td> <td rowspan="3" style="width:181px;height:25px;"> <p><strong>Sustainability Performance Target</strong> </p> </td> <td style="width:127px;height:25px;"> <p>A reduction of 32.0% vs 2018 by 2030 (2.42 Mt CO<sub>2</sub>e)</p> </td> </tr><tr><td style="width:208px;height:46px;"> <p>GHG Emissions (Scope 3)</p> </td> <td style="width:127px;height:46px;"> <p>A reduction of 30.0% vs 2018 by 2030 (3.25 Mt CO<sub>2</sub>e)</p> </td> </tr><tr><td style="width:208px;height:5px;"> <p>Women in Management</p> </td> <td style="width:127px;height:5px;"> <p>50% by 2030</p> </td> </tr><tr><td colspan="4" style="width:629px;height:4px;"> <p><strong>Assessment: Fully Aligned </strong></p> </td> </tr></tbody></table><p> </p> <table border="1" cellpadding="0" cellspacing="0"><tbody><tr><td style="width:601px;"> <p><strong>Emission sources required by </strong><a href="https://www.climatebonds.net/files/files/CBI_Method_SLBD%281%29.pdf"><strong>SLB Database Methodology</strong></a><strong> for sector</strong></p> </td> </tr><tr><td style="width:601px;"> <p>Scope 1, 2, and 3 <em>or</em> 80% of total emissions</p> </td> </tr></tbody></table><p> </p> <p><strong>Newmont Corporation targets a 32% reduction in scope 1 and 2 emissions to 2.4 Mt CO<sub>2</sub>eq and a 30% reduction in scope 3 to 4.0 Mt CO<sub>2</sub>eq by 2030.</strong> These targets, which correspond to the SLB SPTs, have been validated by the SBTi as aligned with well below 2°C. The company’s scope 1, 2, and 3 net-zero target year is 2050, which is supported by a robust transition plan.</p> <p> </p> <p><strong>Newmont has mapped a scope 1 and 2 Reduction Roadmap to 2030</strong>, with the relative contribution of key levers including renewable energy projects, vehicle electrification, and energy optimisation, clearly quantified. Relevant technologies for operational decarbonisation are identified that guarantee that carbon offsetting will only be used as a last resort, never exceeding 10% of total emissions. Although less comprehensive, the company’s plan for scope 3 emission prioritises supplier engagement, which tackles the second most material category of their scope 3: emissions from purchased goods and services. The implementation of the strategy is steered by the Board and the Safety and Sustainability Committee, while also factoring into the compensation policy.</p> <p> </p> <p><strong>The depth and timebound nature of Newmont’s decarbonisation vision is impressive, and the concrete projects identified to transition the company are exemplary.</strong> Moreover, the recognition to prioritise technology over offsets is notable. As an entity significantly exposed to physical climate risks, Newmont’s adaptation measures are critical to its transition plan, hence its ambition to mitigate predictable physical climate impacts in local communities is well noted. Overall, Newmont’s reporting practices, including emission category breakdowns and external assurance are commendable, and its decarbonisation strategy is a compelling example for its industry. However, as scope 3 comprises a significant majority of the company’s carbon footprint, Newmont could go further and clarify levers for all scope 3 categories.</p> </div> </div> </fieldset><div class="collapse-text-text"> <p></p> </div><fieldset class="collapse-text-fieldset collapsible panel panel-default form-wrapper" id="bootstrap-panel--9"><legend class="panel-heading"> <a href="#bootstrap-panel-9-body" class="panel-title fieldset-legend collapsed" data-toggle="collapse">Sector: Chemicals</a> </legend> <div class="panel-body panel-collapse collapse fade collapsed" id="bootstrap-panel-9-body"> <div class="collapse-text-text"> <h3>Case study: Nobian</h3> <p><strong>Strongly-aligned SLB</strong></p> <p> </p> <p>Nobian is a leading European chemical producer. In 2021, the company reported total GHG emissions of 2039 Kt CO<sub>2</sub>e, of which approximately 38.8% were scope 1, 49.3% were scope 2, and 11.8% were scope 3.</p> <table border="1" cellpadding="0" cellspacing="0" style="width:604px;" width="604"><tbody><tr><td colspan="4" style="width:604px;height:5px;"> <p><strong>Amount Issued</strong> EUR 525.0m (USD 609.0m)</p> </td> </tr><tr><td style="width:171px;height:5px;"> <p><strong>Issue Date</strong> </p> </td> <td style="width:127px;height:5px;"> <table border="1" cellpadding="0" cellspacing="0" style="width:78px;" width="78"><tbody><tr><td style="width:71px;height:11px;"> <p><strong>1 July 2021</strong> </p> </td> <td style="width:7px;height:11px;"> <p> </p> </td> </tr></tbody></table></td> <td style="width:179px;height:5px;"> <p><strong>Maturity Date</strong> </p> </td> <td style="width:126px;height:5px;"> <p><strong>15 July 2026</strong></p> </td> </tr><tr><td colspan="4" style="width:604px;height:5px;"> <p><strong>Financial Mechanism</strong>: Step-up 25bps </p> </td> </tr><tr><td rowspan="2" style="width:171px;height:5px;"> <p><strong>Key Performance Indicator(s)</strong> </p> </td> <td style="width:127px;height:5px;"> <p>GHG Emissions (Scope 1, 2)</p> </td> <td rowspan="2" style="width:179px;height:5px;"> <p><strong>Sustainability Performance Target</strong> </p> </td> <td style="width:126px;height:5px;"> <p>A reduction of 4% by 2022 (vs 2020)</p> <p>(1587Kt CO<sub>2</sub>e)</p> </td> </tr><tr><td style="width:127px;height:5px;"> <p>Renewable Energy in Operations</p> <p> </p> <table border="0" cellpadding="0" style="width:83px;" width="83"><tbody><tr><td> </td> </tr></tbody></table></td> <td style="width:126px;height:5px;"> <p>29% by 2022</p> </td> </tr><tr><td colspan="4" style="width:604px;height:5px;"> <p> <strong>Assessment: Strongly-aligned </strong></p> </td> </tr></tbody></table><p> </p> <table border="1" cellpadding="0" cellspacing="0"><tbody><tr><td style="width:601px;"> <p><strong>Emission sources required by </strong><a href="https://www.climatebonds.net/files/files/CBI_Method_SLBD%281%29.pdf"><strong>SLB Database Methodology</strong></a><strong> for sector</strong></p> </td> </tr><tr><td style="width:601px;"> <p>Scope 1, 2, and 3 <em>or</em> 80% of total emissions</p> </td> </tr></tbody></table><p> </p> <p><strong>Nobian has strong and detailed short-, mid-, and long- term targets</strong>: scope 1 and 2 reduction of 25% by 2025, 50% by 2030 and 100% by 2040, versus a 2020 baseline. Additionally, a scope 3 reduction of 2% by 2025, 20% by 2030, 50% by 2040, against the same baseline. The company will seek SBTi validation by 2023. Nobian is to be congratulated on its credible targets whose ambition exceeds Climate Bonds pathway for chemicals. While the targets used on this specific SLB are not in line with the pathway, it's 2025 and 2030 targets exceed the Climate Bonds pathway for Basic Chemicals, thus qualifying this deal as 'Strongly-aligned'. Additionally, Nobian deserves praise for updated scope 3 accounting and target setting, which are expected to be included in future SLB issuance.</p> <p> </p> <p><strong>To meet its 2040 carbon neutrality target, Nobian is prioritising decarbonising scopes 1 and 2 by</strong> electrifying processes, purchasing renewable energy, and investing in efficiency improvements. The company has undertaken multiple strategic partnerships with the same objective. Although levers are stated, and various projects (renewable energy, process efficiency) are already being implemented, Climate Bonds recommends a forward-looking plan that quantifies the rollout and contribution of each strategy. Moreover, Nobian states that the company is working on concrete plans for scope 3 emission targets, yet to date, has only addressed scope 3 by developing a green product portfolio and undertaken R&D for technologies that reduce CO<sub>2</sub>. Give that scope 3 now comprises nearly half of the company’s carbon footprint, Nobian is strongly advised to accelerate its strategy to accelerate its ambition in addressing scope 3.</p> <p> </p> <p><strong>Nobian’s commitment to net zero by 2040 appears to be well governed</strong>, with direction from the Board and a dedicated core sustainability team. All material KPIs are annually reported and independently assured.</p> <p> </p> <p><strong>Nobian is unquestionably on the correct path for transition, with its ambitious goals and sustainable finance issuance</strong>. However, to continue on this trajectory, it is critical that the company brings wider areas of its business and value chain into its decarbonisation pathway.</p> </div> </div> </fieldset><div class="collapse-text-text"> <p></p> </div></div></form></div></div></div> </article> </section> </div> </section> </div> </div> </div> <div id="footer"> <footer class="footer"> <div class="row registered-charity"> <div class="col-xs-12 col-sm-6"> Climate Bonds Initiative is a registered charity in England and Wales (no. 1154413) </div> <div class="col-xs-12 col-sm-6 pull-right charity-conditions"> <a href="/sitemap">Site Map</a> | <a href="/privacy">Privacy Policy</a> | <a href="/legal">Terms & Conditions of Use</a> </div> </div> <div class="container"> <div class="row"> <div class="region region-footer"> <section id="block-menu-block-2" class="block block-menu-block superfooter clearfix"> <div class="menu-block-wrapper menu-block-2 menu-name-main-menu parent-mlid-0 menu-level-1"> <ul class="menu 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