Sustainable finance instruments/products are any type of bond or bond programme, loan or other debt instrument the proceeds of which are exclusively used to finance or refinance, in whole or in part, new and/or existing sustainable projects.
To assess the environmental, social and governance performance of the organisation holding the sustainable finance instrument/product, RINA uses its own rating tool based on the international standard ISO 26000:2010 “Guidance on social responsibility“ which contains principles, core subjects and issues of social responsibility (governance of the organisation, human rights, labour practices and conditions, environment, best management practices, consumer-specific issues, community involvement and development) and a guide for the integration of these principles, core subjects and issues throughout the organisation.
To assess the sustainability of finance instruments/products and related projects/initiatives, RINA uses criteria/requirements defined in agreed reference standard documents, such as:
However, the regulatory scenario is evolving rapidly as Europe is working to create a European standard and a validation and verification scheme for Green Bonds, while ISO is working to create an international standard (ISO 14030).
The validation of sustainable finance instruments/products, in accordance with criteria/requirements defined in agreed regulatory reference documents, is a systematic, independent and ex-ante documented process for issuing an assessment of the sustainability of projects/initiatives that are subject to funding, providing assurance to stakeholders on the quality of sustainable finance instruments/products and the achievement of their objectives.
The verification of sustainable finance instruments/products, in accordance with criteria/requirements defined in agreed regulatory reference documents, is a systematic, independent and documented ex post periodic process, for issuing an assessment and providing assurance to stakeholders that revenues are managed in line with the validated sustainable finance instruments/products.
RINA has many years of experience in the field of sustainability and is accredited/recognised by the accreditation bodies/owners of the main certification programmes in sustainability sectors.
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