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Project Details


Hertz Green Finance Framework Second-Party Opinion (2023)


Hertz Global Holdings, Inc.

Project Type

Green Bond/Loan

Industry Group

Commercial Services

Use of Proceeds

Clean transport



Evaluation Date

Feb 2023

Evaluation Summary

Sustainalytics is of the opinion that the Hertz Green Finance Framework is credible, and impactful and aligns with the four core components of the Green Bond Principles 2021 and the Green Loan Principles 2021. This assessment is based on the following: 


The eligible category for the use of proceeds, Clean Transportation, is aligned with those recognized by the Green Bond Principles and the Green Loan Principles. Sustainalytics considers that investments in the zero direct emissions vehicles and EV charging infrastructure under the eligible category are expected to lead to positive environmental impacts and advance the UN Sustainable Development Goals, specifically SDG 11 – Sustainable Cities and Communities. 


Hertz’s internal process for evaluating and selecting projects is overseen by its Treasury team. Hertz has adopted internal policies and processes to address the environmental and social risks associated with the financed projects. This is in line with market practice. 


Hertz’s Treasury team will oversee the management of proceeds. Hertz intends to fully allocate the proceeds as soon as practicable, and in other cases, reach full allocation within 24 months of the issuance. Pending full allocation, net proceeds will be invested in cash or cash equivalents, or managed in accordance with Hertz’s liquidity and liability management processes and funding program needs. This is in line with market practice. 


Hertz intends to report on the allocation and impact of bond proceeds on its website through standalone reports, on an annual basis until the corresponding debt remains outstanding and has not matured or been pre-paid. The allocation reporting will include category-level or project-level details on the allocation of proceeds and the balance of unallocated proceeds. In addition, Hertz is committed to reporting on relevant impact metrics, where feasible. Sustainalytics views Hertz’s allocation and impact reporting as aligned with market practice.