Second-Party Opinion Download

USE OF PROCEEDS

The eligible categories for the use of proceeds – Green Buildings, Renewable Energy, Clean Transportation, Affordable Housing and Access to Essential Services – are aligned with those recognized by 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, specifically SDGs 3, 4, 7, 8, 9 and 11.

PROJECT EVALUATION AND SELECTION

Just’s Sustainability Bond Forum will be responsible for the evaluation and selection of eligible projects in line with the Framework’s eligibility criteria. Just has environmental and social risk policies in place, which apply to all allocation decisions made under the Framework. The Group will implement processes to ensure that eligible projects adhere to applicable laws and regulations. Sustainalytics considers the risk management process to be adequate and the project selection process to be in line with market practice.

MANAGEMENT OF PROCEEDS

Just’s investment function will be responsible for the management of proceeds and will track their allocation using an internal tracker. Just intends to allocate all proceeds within 36 months of issuance. Pending allocation, Just will temporarily invest the proceeds in cash, cash equivalents or money market instruments in line with its treasury management guidelines. This is in line with market practice.

REPORTING

Just commits to report on the allocation of proceeds and where available corresponding impacts on its website on an annual basis until full allocation. Allocation reporting will include the net proceeds allocated to each eligible category, a selection of brief project descriptions, the proportion of refinancing versus financing and the amount of unallocated proceeds at the end of the relevant reporting period. Sustainalytics views Just’s allocation and impact reporting as aligned with market practice.