Orkuveitan began issuing green bonds in 2019. In 2021, the company introduced a green financing framework, establishing the strategy that all financing within the group would be green.
In 2024, the green financing framework was updated to reflect the EU Taxonomy Regulation, with the aim of enhancing alignment with international standards for sustainable finance.
Orkuveitan’s green financing framework is based on the strategic objective that all financing across the group—whether through bond issuance or other forms of borrowing—shall be green. The current framework has received an independent Second Party Opinion from S&P Global Ratings, which rated it as Dark Green and assessed it as partially aligned with the EU Taxonomy.
All economic activities identified by Orkuveitan as aligned with the EU Taxonomy meet the Substantial Contribution Criteria (SCC) for climate change mitigation, do not cause significant harm, and comply with the minimum safeguards set out in the regulation. However, the framework also covers projects directly related to the development, installation, expansion, and maintenance of optical fiber networks. These types of projects are not currently covered under the SCC criteria in the existing EU Taxonomy, and therefore, the framework is considered partially aligned.
The green financing framework also adheres to the Green Bond Principles, published by the International Capital Market Association (ICMA). The framework is structured around four core components:
Orkuveitan has, for many years, systematically focused on environmental issues. The issuance of a green framework and the green bonds issued under it serve as a confirmation of the company’s commitment to financing or refinancing projects that support the responsible and sustainable use of natural resources.
Orkuveitan and its subsidiaries have long been committed to reducing the environmental impact of their operations and contributing to sustainable development. The issuance of the Green Financing Framework and associated bonds is a clear reflection of this commitment. The aim is to finance or refinance projects that promote responsible and sustainable resource use, including initiatives focused on carbon capture, climate-friendly energy transition, and ecosystem protection.
Orkuveitan is committed to publishing the following Impact Reports on an annual basis: