Project Details
Project
Just Group Sustainability Bond Framework Second-Party Opinion (2021)
Client
Just Group PLC
Project Type
Sustainability Bond/Loan
Industry Group
Diversified Financials
Use of Proceeds
Green buildings; Renewable energy; Clean transport; Affordable housing; Access to essential services;
Location
U.K.
Evaluation Date
Aug 2021
Evaluation Summary
Sustainalytics is of the opinion that the Just Group Sustainability Bond Framework is credible and impactful and aligns with the Sustainability Bond Guidelines 2021, Green Bond Principles 2021, and Social Bond Principles 2021. This assessment is based on the following:
USE OF PROCEEDS
The eligible categories for the use of proceeds, (i) Green Buildings, (ii) Renewable Energy, (iii) Clean Transportation, (iv) Affordable Housing and (v) Access to Essential Services, are aligned with those recognized by both the Green Bond Principles and Social Bond Principles. Sustainalytics considers that the eligible categories will lead to positive environmental or social impacts and advance the UN Sustainable Development Goals, specifically SDG 3, 4, 7, 9 and 11.
PROJECT EVALUATION / SELECTION
Just Group has established a Sustainability Bond Forum (the “Forum”), to oversee the project evaluation and selection process. The Forum ensures that the proposed pool of assets is aligned with the use of proceeds categories, review and approve allocation, and make updates to the Framework. Just Group has a dedicated environmental and social risk assessment and mitigation process that is applicable all allocation decisions made under the Framework. Sustainalytics considers this process to be adequate and the process for project evaluation and selection in line with market practice
MANAGEMENT OF PROCEEDS
Just Groups processes for the management of proceeds are handled by Just Group Investments team (the “Investments team”). The Investments team will use an internal tracking system to monitor and account for the proceeds. Pending allocation, proceeds will be invested in cash or liquid securities, in alignment with the Just Group Sustainable Investment Framework. This is in line with market practice.
REPORTING
Just Group intends to report allocation proceeds on its website on an annual basis until full allocation. Allocation reporting will include the net proceeds allocated to each asset category, a selection of brief project descriptions and the outstanding amount of net proceeds yet to be allocated. In addition, the Company intends to report on relevant impact metrics, where feasible. Sustainalytics views Just Group’s allocation and impact reporting as aligned with market practice.