Project Details
Project
Ivanhoé Cambridge Green Bond Framework Second Party Opinion
Client
Ivanhoé Cambridge
Project Type
Green Bond/Loan
Industry Group
-
Use of Proceeds
-
Location
Canada
Evaluation Date
Feb 2019
Evaluation Summary
Sustainalytics is of the opinion that the Ivanhoé Cambridge 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, Renewable Energy, Energy Efficiency, Sustainable Water and Wastewater Management, Clean Transportation, and Climate Change Adaptation, are aligned with those 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 6, 7, 11, and 13.
PROJECT EVALUATION/SELECTION
Ivanhoé Cambridge has established a Green Bond Working Group, which will meet to evaluate and select projects in line with eligible project categories prior to fund allocation. This is line with market practice.
MANAGEMENT OF PROCEEDS
Ivanhoé Cambridge will track proceeds in eligible projects in its Green Bond Register. Pending allocation, proceeds will be held in cash or liquid securities in accordance with the Company’s liquidity management policies. This is line with market practice.
REPORTING
Ivanhoé Cambridge intends to publish an allocation report of proceeds on an annual basis until full allocation. In addition, Ivanhoé Cambridge is committed to impact reporting, including some of the following: annual energy savings, renewable energy generated, greenhouse gas emissions avoided and/or natural capital value created. Sustainalytics views these allocation and impact reporting commitments as aligned with market practice.