Second-Party Opinion Download

Project Details


City of Vancouver Sustainability Bond Framework Second-Party Opinion


City of Vancouver

Project Type

Sustainability Bond/Loan

Industry Group


Use of Proceeds




Evaluation Date

Jul 2020

Evaluation Summary

Sustainalytics is of the opinion that the City of Vancouver Sustainability Bond Framework is credible, impactful and aligns with the Sustainability Bond Guidelines 2018. This assessment is based on the following:


The eligible categories for the use of proceeds – Renewable Energy, Energy Efficiency, Green Buildings, Clean Transport, Pollution Prevention and Control, Sustainable Water and Wastewater Management, Environmentally Sustainable Management of Living Natural Resources, Climate Change Adaptation, Affordable Housing, Access to affordable basic infrastructure, and Access to essential services – are aligned with those recognized by the Green Bond Principles and/or the Social Bond Principles. Sustainalytics considers that the eligible categories will lead to positive environmental or social impacts and advance the UN Sustainable Development Goals, specifically SDGs 6, 7, 10, 11, 12, 13, and 15.


The City of Vancouver’s Finance, Risk and Supply Chain Management Department (FRS), in consultation with other relevant departments, will be responsible for project evaluation and selection. Projects will be selected as per the requirements of the Framework and relevant policies of the City, as well as after assessing social and environmental risks of projects. Sustainalytics considers the project selection process to be in line with market practice.


City of Vancouver’s FRS department will be responsible for managing and tracking proceeds raised under the Sustainability Bond Framework. Unallocated proceeds will be temporarily held in the account of the City and invested in cash or liquid fixed income instruments in accordance with the Vancouver Charter. This is in line with market practice.


City of Vancouver will, on an annual basis until full allocation, provide a summary of eligible projects and where feasible report on allocation of proceeds and impact metrics. Impact metrics will include indicators such as – GHG emissions reduced, energy saved per year, kilometers of bike lanes installed, area of natural asset conserved, and number of purpose-built market rental housing units constructed. Sustainalytics views City of Vancouver’s allocation and impact reporting as aligned with market practice.