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Second-Party Opinion Download

Project Details

Project

Japan Retail Fund Investment Corporation Green Bond Second-Party Opinion

Client

Japan Retail Fund Investment Corporation

Project Type

Green Bond/Loan

Industry Group

-

Use of Proceeds

-

Location

Japan

Evaluation Date

Apr 2018

Evaluation Summary

Overall, Sustainalytics is of the opinion that the Japan Retail Fund Investment Corporation’s (JRF) Framework is credible and transparent, and aligns with the four pillars of the Green Bond Principles 2017. Sustainalytics views the following elements of the Framework as key consideration:

USE OF PROCEEDS

The category for the use of proceeds, green buildings, is recognized by the Green Bond Principles 2017 as one of eligible projects which have environmental benefits. JRF will use the DBJ Green Building Certification Programme or the CASBEE Certification Rank to determine the eligibility of green buildings.

PROJECT EVALUATION/SELECTION

The processes to address environment and social risks as well as to evaluate and select the assets are overseen by a dedicated sustainability committee where C-level executive (president of its asset manager), sits on the chair. Sustainalytics views the C-level involvement as market best practice.

MANAGEMENT OF PROCEEDS

JRF has an internal process in place to track and monitor the amount of outstanding and allocation of proceeds, which is in line with market practice.

REPORTING

JRF intends to report the environmental performance indicators including electricity, fuel and water consumption as well as CO2 emission of the assets to be funded through the green bonds on an annual basis. This is in line with market practice.

https://mstar-sustops-cdn-mainwebsite-s3.s3.amazonaws.com/docs/default-source/spos/green-bond-framework-and-opinion_japan-retail-fund-investment-corporation_final.pdf?sfvrsn=9da80088_3