S&P Global Ratings Provides Full Alignment Opinion On Dana Inc.'s Green Financing Framework
S&P Global Ratings has confirmed that Dana Inc.'s Green Financing Framework is fully aligned with the Green Bond Principles (GBP) and Green Loan Principles (GLP). The framework commits to using financing proceeds for projects in clean transportation, renewable energy, sustainable water management, and green buildings. Dana's Green Financing Committee will oversee project selection and allocation of proceeds. The company plans to report annually on the allocation and environmental impact of these projects, underpinning its commitment to sustainability.
- Full alignment of Dana's Green Financing Framework with GBP and GLP.
- Commitment to finance projects in clean transportation, renewable energy, sustainable water management, and green buildings.
- Annual reporting on proceed allocation and environmental impact.
- None.
NEW YORK, April 30, 2021 /PRNewswire/ -- (S&P Global Ratings) -- S&P Global Ratings said today that Dana Inc.'s Green Financing Framework is fully aligned with the four components of the Green Bond Principles (GBP) and Green Loan Principles (GLP). The Framework Alignment Opinion report is available here.
"Dana's sustainable financing framework is considered fully aligned because it commits to using net proceeds of financing issued under the framework to finance eligible green projects that fit into the categories defined in the GBP and GLP, specifically clean transportation, renewable energy, sustainable water and wastewater management, and green buildings," said Lori Shapiro, the primary contact at S&P Global Ratings.
In addition, the framework outlines the process for project evaluation and selection, providing details about how Dana's Green Financing Committee approves and oversees the eligible project portfolio.
In terms of management of proceeds, "the issuer commits to track the net proceeds issued under its framework until they have been fully allocated," Ms. Shapiro said. "Dana intends to annually report on the allocation of proceeds and environmental impact of the financed projects," added Ms. Shapiro.
Dana has a comprehensive sustainability agenda that focuses on improving the greenhouse gas (GHG) emissions performance of the products it manufactures as well as minimizing the environmental impact of its own operations. In addition to its stated environmental objectives, Dana is also highly focused on engaging with its customer base and developing products and services which meet evolving customer needs.
S&P's Green, Social, or Sustainability Framework Alignment Opinions are not credit ratings. They are a point-in-time second opinion on a seeker of finance's financing framework's alignment with the International Capital Market Assn.'s (ICMA's) Green Bond Principles (GBPs), Social Bond Principles (SBPs), or a combination of the GBPs and SBPs, collectively known as ICMA's Sustainability Bond Guidelines (SBGs), and/ or the Loan Market Assn.'s (LMA's) Green Loan Principles (GLPs; the Principles). FAOs reflect the financing framework only, and do not consider individual financial transactions. They remain effective until such time as there is a change in the financing framework or the relevant Principles.
This report does not constitute a rating action.
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S&P Global Ratings is a division of S&P Global (NYSE: SPGI), which provides essential intelligence for individuals, companies and governments to make decisions with confidence. For more information, visit www.spglobal.com/ratings.
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