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Second-Party Opinion Download

Project Details


Apple Green Bond Framework Second-Party Opinion (2019)


Apple Inc.

Project Type

Green Bond/Loan

Industry Group


Use of Proceeds




Evaluation Date

Nov 2019

Evaluation Summary

Sustainalytics is of the opinion that the Apple Green Bond Framework is credible and impactful and aligns with the four core components of the Green Bond Principles 2018. This assessment is based on the following:


The eligible categories for the use of proceeds – (i) Low Carbon Design and Engineering, (ii) Energy Efficiency, (iii) Renewable Energy, (iv) Carbon Mitigation, and (v) Carbon Sequestration – are aligned with those recognized by the Green Bond Principles 2018. Sustainalytics’ analysis considers that the eligible projects will lead to positive environmental impacts and advance key UN Sustainable Development Goals, particularly 7, 9, 12, and 15.


Apple’s Environment, Policy and Social Initiatives team will evaluate and select eligible projects, on an annual basis, in accordance with the company’s environmental process with the final approval by Apple’s Vice President of Environment, Policy, and Social Initiatives. This is in line with market best practice.


Apple’s Finance department will track the net proceeds through an internal system. Pending allocation, the net proceeds may be temporarily invested in accordance with Apple’s investment portfolio or used to repay existing debt. This is line with market practice.


Apple intends to publish a Green Bond Impact Report on its website, on an annual basis, until full allocation, which will include amounts allocated on a project-portfolio basis, as well as estimates of carbon savings. The report will include management’s assertion on the allocation of net proceeds and an examination report on such assertion conducted by an independent registered public accounting firm. The report will also include a review from a second-party provider who will assess compliance with the Green Bond Framework. Sustainalytics considers this in line with market best practice.