Project Details
Project
City of Toronto Green Debenture Framework - Second-Party Opinion
Client
City of Toronto
Project Type
Green Bond/Loan
Industry Group
-
Use of Proceeds
-
Location
Canada
Evaluation Date
Mar 2018
Evaluation Summary
Sustainalytics is of the opinion that the City of Toronto Green Debenture is credible and impactful, and aligns with the four pillars of the Green Bond Principles 2017. Additionally, Sustainalytics views the City of Toronto’s green debenture positively. Some of its key strengths are that:
USE OF PROCEEDS
The eligible categories for the use of proceeds are aligned with those recognized by the Green Bond Principles, and have clear positive environmental impacts.
PROJECT EVALUATION/SELECTION
The City of Toronto's Corporate Finance Division works in collaboration with its Environment and Energy Division along with other relevant internal stakeholder groups to select and evaluate projects for the green debenture. This is in line with market practice.
MANAGEMENT OF PROCEEDS
The City of Toronto's disclosure and processes to manage and track proceeds are in line with market practice.
REPORTING
The City of Toronto commits to allocation and impact reporting at a program level on an annual basis, which is in line with market practice.