We think Heba is well positioned to achieve its climate targets, with sufficient governance mechanisms to facilitate its transition. We think this will improve the portfolio's energy performance and lifecycle emissions. The issuer's biggest emission source is embodied from development projects, where Heba aims to half the emission intensity by 2030. Using a Future Shade time horizon that aligns with the Heba’s transition targets, we assigned a Future Shade of Medium green. The company's transition status and ambition position it above the average in its domestic market and as very strong from an international perspective.