The City of Gothenburg received a score of ‘E2/67’ on S&P Global Ratings’ new Green Evaluation scale for its Swedish krona (SEK) 1 billion of green bonds due on 15th June, 2022. The bonds, issued on 15th June 2016, have been allocated to fund a number of eligible projects as part of the Swedish municipality’s wider environmental initiatives. The proceeds are targeted at financing projects in renewable energy, energy efficiency, public transportation, waste management, water treatment, and sustainable housing.
The transaction received a score of 67 out of 100 or E2 on S&P’s Green Evaluation scale of E1 (highest) to E4 (lowest). The overall score reflects an average score in Transaction Transparency (56) and a very strong score in Governance (94). The financing evaluated also achieved a strong overall Environmental Impact score because the proceeds will go to projects with high decarbonisation potential. All funds raised were allocated to environmentally friendly projects focusing on climate change and mitigation.