Sustainability Financing Framework

As a major investor in the UK and Ireland’s renewable energy infrastructure, SSE believes that green- and sustainability-linked financing supports its long-term commitment to the principles of sustainability and the transition to net zero.

SSE’s Sustainability Financing Framework replaces SSE’s previous Green Bond Framework and Sustainability-Linked Bond Framework, with the objective of creating a more holistic approach that will ensure investors contribute to SSE’s achievement of its strategic business ambitions.

Sustainability Financing Framework

Previous frameworks and second party opinions

DNV’s 2022 Green Bond Opinion

SSE’s 2021 Green Bond Framework

DNV’s 2021 Green Bond Framework Opinion

SSE's 2019 Green Bond Framework

DNV’s 2019 Green Bond Opinion on SSE’s Green Bond Framework (Green Bond 3)

SSE's 2017 Green Bond Framework

DNV’s 2018 Green Bond Opinion on SSE’s Green Bond Framework (Green Bond 2)

DNV’s 2017 Green Bond Opinion on SSE’s Green Bond Framework (Green Bond 1)

Green bonds

SSE issued its fifth green bond of €650m in July 2022. This, in addition to SSE’s inaugural €600m Green Bond issued in September 2017 followed by Green Bonds of €650m in September 2018, £350m in September 2019 and £500m in March 2021, means SSE continues to be one of the largest issuers of Green Bonds in the UK corporate sector.

The proceeds from all five of SSE’s Green Bonds were directly allocated to the refinancing of eligible green projects listed in the Green Bond Frameworks, and therefore fully employed at settlement

A commitment was given to update investors each year on the allocation of proceeds and environmental impact from the Bond. SSE’s Green Bond reports are detailed below, along with PwC LLP’s independent assurance of allocation to specific eligible green projects.

Green bond reporting and assurance

Disclaimer related to PwC’s limited assurance report 2023

You have requested access to a copy of a report prepared by PricewaterhouseCoopers LLP (“PwC”) on Independent Assurance over SSE plc’s allocation of proceeds and the selected impact reporting metrics in respect of Green Bond 1, 2, 3, 4, and 5 (the “report”). SSE plc, to whom the report is addressed, has confirmed that a copy of the report may be provided to you. PwC* has consented to release of the report to you on condition that you accept and agree to the terms below.

By clicking on the “I ACCEPT THE TERMS OF THIS AGREEMENT” button upon opening this document, you confirmed the following:

I accept and agree for and on behalf of myself and the entity I represent (each a "recipient") that:

PwC accepts no liability (including liability for negligence) to each recipient in relation to PwC’s work or its assurance report. The report is provided to each recipient for information purposes only. If a recipient relies on PwC’s report, it does so entirely at its own risk;
No recipient will bring a claim against PwC which relates to the access to the report by a recipient;
Neither PwC’s report, nor information obtained from it, may be made available to anyone else without PwC’s prior written consent, except where required by law or regulation;
PwC’s report was prepared with SSE plc’s interests in mind. It was not prepared with any recipient's interests in mind or for its use. PwC’s report is not a substitute for any enquiries that a recipient should make. PwC’s assurance report is based on historical information for the year ended 31 March 2023. Any projection of such information or PwC’s opinion thereon to future periods would be inappropriate;
Any explanations that PwC may provide to any recipient in relation to the report are given on the same bases as those relating to the provision of the report itself;
PwC will be entitled to the benefit of and to enforce these terms; and
These terms and any dispute arising from them, whether contractual or non-contractual, are subject to English law and the exclusive jurisdiction of English courts.

If you have received this document and you have not confirmed your agreement to PwC's disclaimer in the terms of access by clicking the “I ACCEPT THE TERMS OF THIS AGREEMENT” button upon opening this document, you are an unauthorised recipient and should return or destroy the document.

* PwC refers to PricewaterhouseCoopers LLP, a limited liability partnership incorporated in England (number OC303525), whose registered office is at 1 Embankment Place, London WC2N 6RH