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Vigeo Eiris has Provided an SPO on the Sustainability of HHI’s Green Finance Framework

Vigeo Eiris was commissioned to provide a second-party opinion on the sustainability credentials and management of the Hyundai Heavy Industries Co., Ltd. (HHI) Green Finance Framework.

The net proceeds of the Green Financing Transactions will exclusively finance and/or refinance, in part or in full, projects falling under five Green Project Categories (“Eligible Categories”), namely: Clean Transportation, Pollution Prevention and Control, Sustainable Water Management, Renewable Energy, and Energy Efficiency.

We assigned a Second Party Opinion (SPO) on the sustainability credentials and management of HHI’s Green Finance Framework. Vigeo Eiris is of the opinion that the Framework is aligned with the four core components of the Green Bond Principles (2018) and Green Loan Principles (2018), and expressed a moderate assurance (our medium level of assurance) on the contribution of the Framework to sustainable development.

Vigeo Eiris has produced more than 260 second-party opinions on sustainable financing operations in Europe, Africa, Americas and Asia. We were the 3rd biggest SPO provider in the market by number of deals in 2019 and are Climate Bonds Standard Approved Verifier.

HHI operates shipbuilding industry business. It has four business units: Shipbuilding, Naval & Special Ships, Offshore & Engineering, Industrial Plant & Engineering and Engine & Machinery. It is one of the largest shipbuilders in the world, with approximately 10% of market share.

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