Project Details
Project
Great Eagle Holdings Limited Sustainable Finance Framework Second-Party Opinion (2022)
Client
Great Eagle Holdings Limited
Project Type
Sustainability Bond/Loan
Industry Group
-
Use of Proceeds
-
Location
Hong Kong
Evaluation Date
May 2022
Evaluation Summary
Sustainalytics is of the opinion that the Great Eagle Holdings Limited Sustainable Finance Framework is credible and impactful and aligns with the Sustainability Bond Guidelines 2021, Green Bond Principles 2021, Social Bond Principles 2021, Green Loan Principles 2021, and Social Loan Principles 2021. This assessment is based on the following:
USE OF PROCEEDS
The eligible categories for the use of proceeds – Green Buildings, Energy Efficiency, Renewable Energy, Climate Change Adaptation, Waste Management and Recycling, Sustainable Water Management, Socio-economic Advancement and Employment Generation, and Pandemic Response – are aligned with those recognized by the Green Bond Principles, Social Bond Principles, Green Loan Principles, and Social Loan 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 3, 4, 6, 7, 9, 10, 12 and 13.
PROJECT EVALUATION / SELECTION
Great Eagle Holdings Limited’s sustainability task force (the “Task Force”) will be responsible for evaluating and selecting eligible projects. The Task Force’s processes of identifying and evaluating material environmental and social risks are applicable to all allocation decisions made under the Framework, which Sustainalytics considers to be adequate risk management systems. Sustainalytics considers the project selection process in line with market practice.
MANAGEMENT OF PROCEEDS
Great Eagle Holdings Limited’s treasury team will oversee the management of proceeds and will track the proceeds via an internal records system. Great Eagle Holdings Limited commits to fully allocate net proceeds within 36 months of issuance. Pending allocation, net proceeds will be held in accordance with the Company’s treasury and liquidity management policy. This is in line with market practice.
REPORTING
Great Eagle Holdings Limited intends to report on allocation of proceeds on its website on an annual basis until full allocation. Allocation reporting may include information such as the list of eligible projects and their allocated amounts and the proportion of financing versus refinancing. In addition, Great Eagle Holdings Limited is committed to reporting on relevant impact metrics. Sustainalytics views Great Eagle Holdings Limited’s allocation and impact reporting as aligned with market practice.