Second-Party Opinion Download

Project Details


FedEx Sustainability Bond Framework Second-Party Opinion (2021)



Project Type

Sustainability Bond/Loan

Industry Group

Commercial Services

Use of Proceeds

Clean transport; Green buildings; Energy efficiency; Eco-efficient products; Pollution prevention and control; Renewable energy; Socio-economic advancement;



Evaluation Date

Apr 2021

Evaluation Summary

Sustainalytics is of the opinion that FedEx Corporation’s Sustainability Bond Framework is credible and impactful and aligns with the Sustainability Bond Guidelines 2018, Green Bond Principles 2018, and Social Bond Principles 2020. This assessment is based on the following: 


The eligible categories for the use of proceeds – Clean Transportation, Green Buildings, Energy Efficiency, Eco-efficient and/or Circular Economy Adapted Products, Production Technologies and Processes, Pollution Prevention and Control, Renewable Energy, and Socioeconomic Advancement & Empowerment – are aligned with those recognized by both the Green Bond Principles and Social Bond Principles. Sustainalytics considers that investments in the eligible categories will lead to positive environmental or social impacts and advance the UN Sustainable Development Goals (“SDGs”), specifically SDGs 7, 9, 10, 11 and 12.


FedEx Corporation’s Sustainability Finance Committee will be responsible for the review and selection of Eligible Projects, based on its assessment of their social and environmental impacts. Sustainalytics considers the project selection process to be in line with market practice.


FedEx Corporation’s Sustainability Finance Committee will establish the Eligible Project Portfolio to include Eligible Projects and ensure proceeds are allocated accordingly. FedEx Corporation may temporarily use the balance of unallocated proceeds for the settlement of outstanding debts or invest them in other capital management activities. This is in line with market practice. 


FedEx Corporation intends to provide allocation reporting on its website on an annual basis until full allocation. The allocation reporting is expected to include the total amount allocated to Eligible Projects, and the balance of unallocated proceeds. In addition, FedEx Corporation may report on relevant quantitative impact and has provided examples of potential indicative metrics within the Framework. Sustainalytics views FedEx Corporation’s allocation and impact reporting as aligned with market practice.