Project Details
Project
Global Invest Agrotech Green Bond Framework Second-Party Opinion
Client
Global Invest Agrotech
Project Type
Green Bond/Loan
Industry Group
-
Use of Proceeds
-
Location
Spain
Evaluation Date
Apr 2020
Evaluation Summary
Sustainalytics is of the opinion that the Global Invest Agrotech Green Bond Framework is credible and impactful and aligns with the four core components of the Green Bond Principles 2018. This assessment is based on the following:
USE OF PROCEEDS
The eligible category for the use of proceeds – Green Buildings – is aligned with those recognized by the Green Bond Principles 2018. Sustainalytics considers that the buildings projects financed will lead to positive environmental impacts by promoting energy efficiency within the agricultural industry and advance the UN Sustainable Development Goals, specifically SDGs 7 and 11.
PROJECT EVALUATION/SELECTION
GIA’s Green Bond Committee, comprised of members from the Corporate Executive and Corporate Finance departments, will oversee project selection and verification of compliance with the Framework’s criteria. Sustainalytics considers the project selection process to be in line with market practice.
MANAGEMENT OF PROCEEDS
GIA’s Corporate Finance department will be responsible for the allocation of net proceeds. The Company will deposit net bond proceeds in a separate bank account from which funds will be used to finance Eligible Green Projects. Sustainalytics considers GIA’s processes for management of proceeds to be in line with market practice.
REPORTING
GIA intends to annually report on the amount or percentage of allocation to eligible projects, percentage of net proceeds allocated to financing and refinancing, examples of projects being financed, and remaining unallocated proceeds. In addition, GIA intends to report on relevant impact metrics that have been identified in the Framework. Sustainalytics considers Global Invest Agrotech’s allocation and impact reporting as aligned with market practice