Second-Party Opinion Download

USE OF PROCEEDS

The eligible category for the use of proceeds, Green Buildings, is aligned with those recognized by the Green Bond Principles and the Green Loan Principles. Sustainalytics considers that investments in the eligible category are expected to deliver environmental benefits while advancing the UN Sustainable Development Goals, specifically SDG 7 and 11.  

PROJECT EVALUATION / SELECTION

CBRE PEC has established the cross-functional Green Finance Committee (“GFC”) which is responsible for project evaluation and selection and is chaired by CBRE PEC’s Head of Global Sustainability and Innovation and the EMEA Head of ESG. Responsibility for final project selection rests with CBRE PEC’s EMEA Investment Committee which includes representatives from its Executive Committee. CBRE PEC has a dedicated environmental and social risk assessment and mitigation process that is applicable to all allocation decisions made under the Framework. Sustainalytics considers this process to be strong and the project selection process in line with market practice. 

MANAGEMENT OF PROCEEDS

The GFC oversees the management of proceeds using a portfolio approach. The GFC monitors and maintains green projects through internal accounting systems whereby the allocation of proceeds from Green Finance Instruments are added to an Eligible Green Project Portfolio.  CBRE PEC intends to fully allocate the proceeds within 24 months of issuance. Unallocated proceeds will be invested in cash, cash equivalents, or other liquid marketable instruments in line with CBRE PEC’s cash management policy. This is in line with market practice. 

REPORTING

CBRE intends to report on allocation of proceeds on its website, on an annual basis, until full allocation. In addition, CBRE is committed to reporting on relevant impact metrics. Sustainalytics views CBRE’s allocation and impact reporting as aligned with market practice.