Project Details
Project
Invesco Office J-REIT Green Bond Framework Second-Party Opinion
Client
Invesco Office J-REIT
Project Type
Green Bond/Loan
Industry Group
-
Use of Proceeds
-
Location
Japan
Evaluation Date
Oct 2018
Evaluation Summary
Sustainalytics is of the opinion that the Invesco Office J-REIT 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 categories for the use of proceeds, green buildings and energy efficiency, are recognized by the Green Bond Principles. Sustainalytics considers that the eligible projects will lead to positive environmental impacts and advance the UN Sustainable Development Goals (SDGs), specifically SDGs 7 and 11.
PROJECT EVALUATION/SELECTION
Invesco Office J-REIT’s internal process of evaluating and selecting projects is based on selection of potential projects by various departments, review by the investment committee, and approval by the Board of Directors. This is in line with market practice.
MANAGEMENT OF PROCEEDS
Invesco Office J-REIT intends to allocate the net proceeds of the green bond to Eligible Green Projects immediately, or shortly after, issuance. Pending allocation, unallocated funds will be held in cash or cash equivalents, which will be tracked and updated at the end of each financial period. This is in line with market practice.
REPORTING
Invesco Office J-REIT intends to report on allocation of proceeds on its website on an annual basis. In addition, Invesco Office J-REIT is committed to reporting environmental performance indicators including energy consumption, water consumption and CO2 emissions. In Sustainalytics’ view, reporting on these metrics is in line with market practice