Project Details
Project
Green Financing Framework for Jabil Second Party Opinion (2022)
Client
Jabil Inc.
Project Type
Green Bond/Loan
Industry Group
Electrical Equipment
Use of Proceeds
Eco-efficient products; Water/waste water management; Pollution prevention and control; Renewable energy; Green buildings; Clean transport;
Location
U.S.
Evaluation Date
Mar 2022
Evaluation Summary
Sustainalytics is of the opinion that the Green Financing Framework for Jabil 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:
USE OF PROCEEDS
The eligible categories for the use of proceeds – Eco-efficient products, Waste and Water diversion, Renewable Energy, Reduce Environmental Impact of Operations, Green Buildings and Clean Transportation – are aligned with those recognized by the Green Bond Principles and the Green Loan Principles. Sustainalytics considers that investments in the eligible categories will lead to positive environmental impacts and advance the UN Sustainable Development Goals, specifically SDG 6, 7, 9, 11 and 12.
PROJECT EVALUATION / SELECTION
Jabil Inc. has established a Sustainable Finance Committee to oversee the project evaluation and selection. The committee undertakes an internal screening process to assess the environmental and social risks associated with the projects financed and determine appropriate mitigation measures. Sustainalytics considers this risk management system to be adequate and the project selection process to be in line with market practice.
MANAGEMENT OF PROCEEDS
Jabil’s Sustainable Finance Committee will track the allocation of proceeds through an internal system. The company intends to allocate all proceeds within 24 months of issuance. Pending full allocation, unallocated proceeds will be temporarily held in cash, cash equivalents or money market funds in accordance with Jabil’s liquidity policy. This is in line with market practice.
REPORTING
Jabil intends to report on allocation of proceeds annually on its website until full allocation. The report will include the amount of proceeds allocated, proportion of allocated proceeds towards new financing and refinancing, as well as the balance of unallocated proceeds. In addition, where feasible, Jabil intends to report on relevant impact metrics. Sustainalytics views the allocation and impact reporting as aligned with market practice.