Project Details
Project
Ghelamco Invest Poland Green Bond Framework Second-Party Opinion (2022)
Client
Ghelamco Invest Poland
Project Type
Green Bond/Loan
Industry Group
Real Estate
Use of Proceeds
Green buildings; Renewable energy;
Location
Poland
Evaluation Date
Nov 2022
Evaluation Summary
Sustainalytics is of the opinion that the Ghelamco Invest Poland Green Bond Framework is credible and impactful and aligns to the four core components of the Green Bond Principles 2021. This assessment is based on the following:
USE OF PROCEEDS
The eligible categories for the use of proceeds –Green Buildings and Renewable Energy – are aligned with those recognized by the Green 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, specifically SDGs 7 and 9.
PROJECT EVALUATION / SELECTION
Ghelamco Invest’s internal process in evaluating and selecting projects is assessed by a dedicated Sustainable Finance Committee, headed by the Chief Risk Officer, to ensure alignment with the Framework and provide final approval for projects. The Committee consists of representatives from the Technical, Development and Financial departments. Ghelamco Invest has implemented adequate measures and is well positioned to manage and mitigate environmental and social risk. Sustainalytics considers these processes to be in line with market practice.
MANAGEMENT OF PROCEEDS
The Sustainable Finance Committee will be responsible for the allocation and management of proceeds. Ghelamco Invest intends to fully allocate proceeds within 24 months of each issuance. Unallocated proceeds will be managed in accordance with its regular treasury policy. This is in line with market practice.
REPORTING
Ghelamco Invest intends to report on the allocation of proceeds on its website on an annual basis until full allocation. Allocation reporting will include information such as the total amount of proceeds allocated to eligible projects and assets, the balance of unallocated proceeds and the share of financing versus refinancing. In addition, the Group is committed to reporting on relevant impact metrics, which will include the quantitative description and performance of eligible projects. Sustainalytics views Ghelamco Invest’s allocation and impact reporting as aligned with market practice.