UPM has just unveiled its enhanced Green Finance Framework, aligning it with the company's Biofore strategy and incorporating the latest market practices and standards.

In a journey that began with the release of its inaugural Green Financing Framework in 2020, UPM has successfully issued three Green Bonds, totalling a substantial EUR 1,750 million.

S&P Global Ratings, employing its updated "Shades of Green" methodology and evaluating compliance with the ICMA (The International Capital Market Association) Green Bond Principles, has meticulously scrutinised UPM's updated Green Finance Framework.

The outcome is nothing short of impressive, as UPM's revised framework has garnered the highest rating of "Dark Green" from S&P Global Ratings, remaining consistent with the benchmark set in 2020.

UPM, driven by a resolute commitment to a post-fossil future, holds a unique and vital role in advancing the circular economy. Responsibility is at the forefront of UPM's financing strategy, providing investors with a powerful avenue to champion endeavours focused on climate change mitigation, adaptation, and the United Nations Sustainable Development Goals (SDGs).

The updated framework encompasses a spectrum of Eligible Green Projects and Assets, encompassing the following key categories:

• Sustainable forest and plantation management
• Innovative, climate-positive, and circular bioeconomy products and solutions
• Renewable or CO2-free energy initiatives
• Comprehensive pollution prevention and waste management strategies
• Sustainable water and wastewater management
• Pioneering energy efficiency initiatives

Building upon the foundation of the 2020 framework, the first three categories in the updated framework maintain their "Dark Green" status. Notably, in the category of pollution prevention and control, including waste management, UPM has achieved a notable shift to a "Medium Green" rating, further bolstering the overall framework's strength.

In the development of this updated framework, UPM benefited from the advisory services of SEB, which played a crucial role in its structuring.

For comprehensive details regarding UPM's Green Finance Framework and the Second Party Opinion, please refer to the Company's website for further insights.

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Source: UPM