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Maynilad publishes its Sustainable Finance Framework, alongside a Second Party Opinion from Sustainalytics, to continue its strong momentum in the development of its Sustainability Strategy

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Maynilad Water Services, Inc., officially publishes its Sustainable Finance Framework to support the company in the development of its sustainability strategy and in particular, its Sustainable Finance strategy. The Framework has been assessed in its alignment with the relevant Sustainable Finance standards (including the Green and Social Bond Principles, and ASEAN Green Bond Standards) by independent ESG analytics company, Morningstar Sustainalytics, who provided a Second Party Opinion (SPO) confirming alignment.

The Sustainable Finance Framework will act as a supporting document used as a reference for Maynilad’s future sustainable finance transactions. Maynilad may look to issue debt in Green, Social, Sustainable or Blue formats when funding specific environmental and/or social projects which are eligible under the Framework. The Framework is aligned with the key pillars of the Green and Social Bond Principles, ensuring Maynilad directs sustainable funding to specific projects eligible under the criteria (use of proceeds), maintaining governance around its project selection and review process, consistent monitoring of funding and projects, whilst reporting on the allocation of funding and any potential positive impact metrics associated with the projects.

Under the Framework, which is aligned with the United Nations Sustainable Development Goals (UN SDGs), Maynilad will be able to direct funding to projects which will aid the development of water supply (tackling the water security crises in the region and safeguarding a key commodity); water sanitation services (including the development of wastewater treatment facilities to expand capacity); protection of watersheds; increasing energy efficiency (including the acquisition and development of technologies to increase efficiency); construction and acquisition of renewable energy sources; and climate change adaptation projects to ensure operational efficiency.

The Framework also allows for funding to be directed to social causes for our communities, projects that help further the provision of water and the various services (sewerage, sanitation, conservation) fall under this category.

These categories were carefully selected to complement the Sustainability Strategy of Maynilad and its efforts to reduce environmental impact through its plan to attain Climate Neutrality by 2037, enhance water supply throughout its concession, improve non-revenue water (NRW), and create positive social impact for the communities it operates in and the wider Philippines. Details of the full Sustainability Strategy can be found in Maynilad’s Sustainability Report.

Maynilad has worked with The Hongkong and Shanghai Banking Corporation Limited (HSBC) as Sustainability Structuring Bank and BPI Capital Corporation as Mandated Lead Arranger in the development of the framework and the coordination of receiving the SPO.

“Maynilad plays a pivotal role in developing water sources and securing water supply for the Philippines whilst delivering considerable social impact for the communities they serve. HSBC’s vast Sustainable Finance experience makes for a natural partnership with Maynilad, particularly in developing their framework through identifying eligible use of proceeds and aligning the framework with international market standards as well as securing positive SPO, enabling Maynilad to effectively communicate their sustainability strategy to financial stakeholders and deliver on their sustainability ambitions,” said Mimi Concha, Head of Wholesale Banking, HSBC Philippines.

“Having a Sustainable Finance Framework underscores Maynilad’s commitment to integrating environmental, social and governance considerations into our financial strategy. With this framework, we can leverage on sustainable financing to support projects that will ensure a greener, more equitable future,” said Maynilad President and CEO Ramoncito S. Fernandez.

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