Second-Party Opinion Download

Sustainalytics is of the opinion that the Kaiser Green Bond Framework is credible and impactful and aligns to the four core components of the Green Bond Principles 2018. This assessment is based on the following: 

USE OF PROCEEDS 

The eligible category for the use of proceeds, Green Buildings, is aligned with those recognized by the Green Bond Principles 2018. Sustainalytics considers that investments in green buildings will lead to positive environmental impacts and advance the U.N. Sustainable Development Goals, specifically SDG 11: Sustainable Cities and Communities

PROJECT EVALUATION / SELECTION 

Kaiser Foundation Hospitals, Kaiser Foundation Health Plan, Inc. and their subsidiaries’ (collectively, “Kaiser”) Treasury Department, with assistance from its National Facilities Team, will be responsible for identifying and selecting eligible projects. Sustainalytics considers the project selection process in line with market practice.

MANAGEMENT OF PROCEEDS 

Kaiser Treasury Department will be responsible for the allocation of proceeds to eligible projects. Spending on eligible projects previously incurred will be reimbursed and future spending for eligible projects will be reimbursed as costs are incurred by Kaiser, with final allocation of the proceeds taking place when LEED certification is achieved. Pending allocation, proceeds will be temporarily held in financial assets. This is in line with market practice. 

REPORTING 

Kaiser intends to report on the allocation of proceeds to the Electronic Municipal Market Access (EMMA) website on an annual basis and until full allocation. In addition, Kaiser intends to report on the LEED certification achieved by the financed projects. Sustainalytics views Kaiser’s allocation and impact reporting as aligned with market practice.