Instituto de Crédito Oficial (ICO) has joined the Nasdaq Sustainable Bond Network (NSBN), a platform that collects relevant information from issuers and sustainable bond operations around the world with the aim of promoting transparency in this market.
In the NSBN, issuers share information about the standards they follow in their green, social or sustainable bond transactions, such as ICMA's Green Bond Principles or Social Bond Principles, their issuance frameworks, as well as impact data and the typology of the projects financed with the funds raised in these operations and their relationship to the Sustainable Development Goals (SDG). In this way, comparability and transparency in decision-making is facilitated, positioning this platform as a reference tool for sustainable debt investors.
NSBN's global advisory council is made up of relevant public and private investors, issuers and organisations, including Allianz GI, Alecta, APG, Pimco, Fannie Mae, NIB, Bloomberg, Sustainalitics, Vigeo, CBI, CACIB and SEB.
As well as ICO, the NSBN includes multilateral, public and private international issuers such as the International Finance Corporation of the World Bank Group, ICO's counterpart Italian national promotion bank Cassa Depositi e Prestiti (CDP), Agence Française de Développement (AFD), the German banks NRW and DKB, as well as other Spanish issuers such as Iberdrola or BBVA.
ICO's president José Carlos García de Quevedo has indicated that "in a year of particular importance for ICO, in which the institution commemorates its 50th anniversary, the institute's incorporation into the Nasdaq Sustainable Bond Network represents exceptional recognition of the role of ICO as a pioneer issuer in the European sustainable bond market. It simultaneously reinforces our commitment to comply with the objectives set in our Sustainability Policy
, in line with the Sustainable Development Goals and the Paris Agreement, promoting initiatives and projects with a measurable impact that contribute to promoting recovery and sustainable economic growth".
To be part of this platform, ICO has passed a demanding evaluation process that assesses the commitment and rigour of the procedures and standards adopted by the Institute within the framework of its Sustainability Policy
More specifically, the NSBN platform establishes four categories of requirements that its issuers must meet:
Standards identification: the issuer must clearly identify the particular ecological, social or sustainability standards that it intends to meet, such as the Green Bond Principles (GBP) or the Social Bond Principles (SBP).
Publication of framework in NSBN: the issuer must submit a document (framework) for publication in NSBN that explains the use of the bond funds in line with the standards of the previous point, including at least the projects or categories of projects to be financed and the form and frequency in which the information will be published.
Updated information: at least once a year, or until the bond funds have been fully allocated, the issuer must submit an update on the use of these funds.
Framework update: If the issuer makes any major changes or updates to the framework, they must submit them to NSBN for publication.