News & Publications

Press Releases - 29/10/2020

V.E provides SPO for Etihad Airways’ Groundbreaking Transition Sukuk

V.E has provided Second Party Opinions (SPOs) on two pioneering operations by Etihad Airways, their Transition Finance Framework and their Sustainability Linked Financing Framework.

 In launching these operations, Etihad Airways has issued the world’s first Transition Sukuk and the first Sustainability-Linked financing in global aviation, under a Transition Finance Framework.

Etihad Airway’s Transition Finance Framework will support the purchase of next generation aircrafts and research and development into sustainable aviation fuels. Etihad are the first airline to issue a transition finance sukuk.

Their Sustainability-Linked Financing Framework has been tied to one Key Performance Indicator (KPI): A 17.8% reduction in emissions intensity in the issuer’s passenger fleet (gCO2/RTK PAX only) between 2017 and 2024. V.E considers that these Frameworks are aligned with the Green Bond Principles (2018), Green Loan Principles (2020) and with the five core components of the Sustainability-Linked Bond Principles (2020).

V.E has been providing transition finance assessments since 2017 providing SPOs for issuers from the energy (Repsol, Gas Natural Fenosa), agriculture (Marfrig), aviation (ATR/Avation, Schiphol Group) and shipping sectors (Quantum Pacific ShippingMOLNippon Yusen Kaisha (NYK)H-Line ShippingHyundai Heavy Industries (HHI), etc).
Earlier in 2020, V.E conducted a mission with JetBlue, that resulted in the airline industry’s first-ever Sustainability-Linked Loan (SLL).

“V.E’s leading Second-Party Opinion service supports the integrity of the growing sustainable bond market by providing independent, transparent, and standards-based expert analysis of sustainability credentials. We are proud to have supported these missions and to help accelerate the economy-wide changes needed for a more sustainable, resilient future.“ – Benjamin Cliquet, Head of Sustianable Finance Services  at V.E

Download the full Press Release HERE

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Keywords : BecauseESGmatters, ESG, SPO