Project Details
Project
La Caisse de dépôt et placement du Québec Green Bond Framework Second Party Opinion (2025)
Client
La Caisse de dépôt et placement du Québec
Project Type
Green Bond/Loan
Industry Group
Diversified Financials
Use of Proceeds
Green buildings; Renewable energy; Clean transport; Energy efficiency; Pollution prevention and control; Eco-efficient products; Natural resources/land use management; Conservation; Climate change adaptation; Water/waste water management;
Location
Canada
Evaluation Date
Dec 2025
Evaluation Summary
La Caisse de dépôt et placement du Québec or La Caisse has developed the La Caisse de dépôt et placement du Québec Green Bond Framework dated December 2025, under which La Caisse and its subsidiaries intend to issue green bonds to fund projects across various countries and regions worldwide, including the United States, Canada, Europe, Asia Pacific, and Latin America, in 11 environmental categories.
We have assessed the overall Sustainability Contribution of the Framework as Strong, based on the average Sustainability Contribution of the Framework’s 11 use of proceeds categories. As per our methodology, we have applied equal weighting across categories.
La Caisse intends to finance environmental expenditures in Green Buildings, Renewable and Low-Carbon Energy, Clean Transportation, Energy Efficiency, Pollution Prevention and Control, Eco-efficient and Circular-Economy Products, Environmentally Sustainable Management of Living Resources and Land Use, Preservation of Nature and Biodiversity, Climate Change Adaptation, Sustainable Water and Wastewater Management, and Green Enabling Activities.
Under the Green Buildings category, La Caisse will finance certified green buildings that either have a carbon intensity below the 2040 1.5°C CRREM pathway or are fully electric without on-site fossil fuels. Expenditures under the Pollution Prevention and Control category may include waste to energy (WtE) projects that can serve as an interim solution to landfilling. Overall, expenditures under these categories are expected to significantly contribute to decarbonization efforts. Expenditures under Renewable Energy may include low carbon electricity generation, including nuclear energy, though nuclear waste disposal remains unresolved in some jurisdictions. Overall, these expenditures are expected to strongly contribute to low carbon energy systems. Expenditures under the Green Enabling Activities category may include the extraction and processing of critical minerals and the manufacture of components that are dedicated to low carbon technologies, such as zero-emission transport and renewable or low carbon energy. Overall, expenditures under the category are expected to strongly contribute to the transition to a low carbon economy.
We have assessed the Framework as Aligned with the Green Bond Principles 2025.