S&P Global Ratings (S&P) has endorsed Access Bank’s Sustainable Finance Framework (or otherwise, Sustainability Bond Framework) for being fully aligned with the Green Bond Principles and Green Loan Principles.

S&P affirmed that Access Bank’s framework aligned with international standards, including the Green Bond Principles (GBP), ICMA 2021; Green Loan Principles (GLP), LMA/LSTA/APLMA 2021; Social Bond Principles (SBP), ICMA 2021; Social Loan Principles (SLP), LMA/LSTA/APLMA 2021, and Sustainability Bond Guidelines, ICMA 2021.

The ratings agency, however, confirmed that its alignment opinion did not assess any individual transaction with the ICMA’s GBP, GLP, LMA/LSTA/APLMA, 2021; SBP, SLP, LMA/LSTA/APLMA, 2021, or Sustainability Bond Guidelines ICMA, 2021.

As stated on the rating agency’s website: “We consider Access Bank’s green bond/green finance framework to be fully aligned with the Green Bond Principles and Green Loan Principles, since it commits to allocating an amount equivalent to the net proceeds of any green bonds or loans issued under the framework exclusively to fund projects supporting the environmental objectives of a low-carbon economy and climate-resilient growth.”

The primary contact at S&P Global Ratings, Salaheddine Soumir mentioned that this is expected to drive socioeconomic development and empowerment.

“Moreover, the Bank clearly defines eligibility criteria for green and social projects it could finance under this framework.”

“Access Bank has committed to allocating an amount equivalent to the net proceeds of any financing is- sued under this framework to fund projects that support the ICMA- defined environmental and social objectives of a low-carbon economy and climate resilient growth”, Soumir said.

Executive director, Risk Management and chairman, Green Bond Committee at Access Bank PLC, Gregory Jobome, stated: “We are delighted to receive this endorsement from S&P Global Ratings. At Access Bank, sustainability is ingrained in our DNA. As such, we are committed to financing projects that align with the ICMA-defined environmental and social objectives of a low-carbon economy and climate-resilient growth.”