Capital markets

To ensure our continued access to sustainable loan markets, it is vital from a loan market perspective to continuously develop Boliden’s sustainability goals, strategy, and contribution toward a sustainable society. We strive to be transparent in terms of alignment with the Paris climate agreement and the EU climate goals. By closely cooperating across functions such as Finance and Sustainability, we aim to show potential investors and lenders how Boliden’s sustainability strategy and goals can provide opportunities for sustainable financing.

As part of Boliden’s strategy, and to further integrate our sustainability commitments with the company’s financing activities, a Green Finance Framework was established in 2022 that will enable Boliden and its subsidiaries to issue Green Bonds and Green Loans. The Green Finance Framework provides investors with transparency on how they are contributing to our vision to be the most climate friendly and respected metal provider in the world.

Financing under the framework will be earmarked for projects and investments within energy efficiency, pollution prevention and control, R&D and clean transportation. Examples of important projects that could be financed under the framework include energy and heat recovery, process and mine electrification, water purification, waste reduction and the extraction of metal from residual and recycled materials.

CICERO Shades of Green has provided a Second Opinion, which classified the framework as “CICERO Medium green” with an “Excellent” governance score and assessed it to be in alignment with the International Capital Market Association Green Bond Principles and the Loan Market Association Green Loan Principles.

To ensure transparency and accountability on the selection of investments to be financed under the framework, Boliden has established a cross-departmental Sustainable Finance Committee that is responsible for the evaluation and selection process. An annual Sustainable Finance Report will be published in the Annual and Sustainability Report, which undergoes a limited assurance review by an independent party.

In September 2022, Boliden issued its first Green Bonds under the framework totaling SEK 2 billion, which was followed by additional Green bond issues in November totaling SEK 1.7 billion. The financing will support the expansion investments at the Odda Smelter in Norway with the aim of increasing zinc production with a low-climate footprint. The bonds were issued under Boliden’s MTN program and are listed on Nasdaq’s Sustainable Bonds list.