Project Details
Project
Bloom Energy Green Bond Framework Second-Party Opinion
Client
Bloom Energy Corporation
Project Type
Green Bond/Loan
Industry Group
-
Use of Proceeds
-
Location
U.S.
Evaluation Date
Sep 2020
Evaluation Summary
Sustainalytics is of the opinion that the Bloom Energy 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:
USE OF PROCEEDS
The eligible categories for the use of proceeds - Renewable Energy, Energy Efficiency, Climate Change Adaptation, Sustainable Water and Wastewater Management, Pollution Prevention and Control, Green Buildings, Clean and Mass Transportation - are aligned with those recognized by the Green Bond Principles 2018. Sustainalytics considers that the eligible categories will lead to positive environmental impacts by supporting more environmentally friendly energy options and advance the UN Sustainable Development Goals, specifically SDGs 6,7,9,11,12 and 13.
PROJECT EVALUATION/SELECTION
Bloom’s Sustainability Team will be charged with project evaluation, with final approval jointly provided by the Treasurer and Head of Environmental and Social Governance. Sustainalytics considers the project selection process in line with market practice.
MANAGEMENT OF PROCEEDS
Bloom has internal tracking systems in place to monitor proceeds. Pending allocation, funds will be temporarily held in liquid assets such as cash, equivalents and other securities in line with the Company’s investment policy. This is in line with market practice.
REPORTING
Bloom intends to report on allocation of proceeds on its website on an annual basis until full allocation on a project-portfolio basis. In addition, Bloom Energy Corporation is committed to reporting on relevant impact metrics. Sustainalytics views Bloom Energy Corporation’s allocation and impact reporting as aligned with market practice.