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Project Details


HP Inc. Sustainable Bond Framework Second-Party Opinion (2021)


HP Inc.

Project Type

Sustainability Bond/Loan

Industry Group

Technology Hardware

Use of Proceeds

Socio-economic advancement; Eco-efficient products; Natural resources/land use management; Pollution prevention and control; Clean transport; Energy efficiency; Green buildings; Renewable energy;



Evaluation Date

Jun 2021

Evaluation Summary

Sustainalytics is of the opinion that the HP Inc. Sustainable Bond Framework is credible and impactful and aligns with the Sustainability Bond Guidelines 2018, Green Bond Principles 2018, and Social Bond Principles 2020. This assessment is based on the following:


The eligible categories for the use of proceeds – Renewable Energy, Green Buildings, Energy Efficiency, Clean Transportation, Pollution Prevention and Control, Eco-Efficient Products, Environmentally Sustainable Management of Living Natural Resources and Land Use, and Socio-Economic Advancement and Empowerment – are aligned with those recognized by both the Green Bond Principles and Social 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 (“SDGs”), specifically SDGs 4, 7, 9, 10, 11, 12, and 15.


HP intends to establish a committee comprising of representatives from its Sustainability, Treasury, and Finance teams, that will be responsible for the annual assessment and selection of Eligible Projects per the criteria defined in the Framework. HP’s Sustainability Lead will provide the final approval on the Eligible Projects. Sustainalytics considers the project selection process to be in line with market practice.


HP’s Finance group will be responsible for the allocation and tracking of net proceeds to Eligible Projects. HP intends to allocate a vast majority of the proceeds raised within 18 to 24 months from the date of bond issuance. The unallocated proceeds will be used to re-financing existing debt, or held in cash, cash equivalents and/or invested in liquid marketable instruments. This is in line with market practice.


HP intends to publish Sustainable Bond Reports, together with its Sustainable Impact Reports, to provide allocation and, where feasible, impact reporting on its website on an annual basis until full allocation. The allocation reporting is expected to include project or category-level details on the Eligible Projects and the balance of unallocated proceeds. In addition, HP intends to report on relevant quantitative impact where feasible and has provided indicative metrics within the Framework. Sustainalytics views HP Inc.’s allocation and impact reporting as aligned with market practice.