Second-Party Opinion Download

Sustainalytics is of the opinion that the Ho Bee Land Green Finance Framework is credible and impactful, and aligns with the four core components of the Green Bond Principles 2018 and Green Loan Principles 2018. This assessment is based on the following:

USE OF PROCEEDS

The five eligible categories for the use of proceeds are aligned with those recognized by the Green Bond and Green Loan Principles. Sustainalytics considers that the financing of green buildings, renewable energy, energy efficiency in buildings, sustainable waste management and sustainable water management will lead to positive environmental impacts and advance the UN Sustainable Development Goals 3, 6, 7, 11 and 12.

PROJECT EVALUATION/SELECTION

Ho Bee Land has a dedicated working group for project selection and evaluation including senior managers from Ho Bee Land’s project team, sustainability department and treasury department. The company’s sustainable steering committee is responsible for the final decision on the selected eligible projects. This is aligned with market practice.

MANAGEMENT OF PROCEEDS

Ho Bee Land’s processes for management of proceeds is aligned with market practices. Ho Bee Land has an internal register to track the green finance transaction and intends to invest unallocated proceeds according to its Treasury’s general liquidity guidelines for short-term investments.

REPORTING

Ho Bee Land intends to report allocation of proceeds in its Sustainability Report on an annual basis. In addition, Ho Bee Land is committed to reporting on a best effort basis on the impact of the eligible projects, including the number of green building certifications obtained, amount of energy (MW) and water saved, and CO2 (or other GHG) avoided (in tonnes). In Sustainalytics’ view reporting on these metrics is in line with market practice.