Project Details
Project
LeasePlan Green Bond Framework Second-Party Opinion
Client
LeasePlan Corporation N.V.
Project Type
Green Bond/Loan
Industry Group
-
Use of Proceeds
-
Location
Netherlands
Evaluation Date
Feb 2019
Evaluation Summary
Sustainalytics is of the opinion that the LeasePlan Green Bond Framework is credible and impactful, and aligns with 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, clean transportation, is recognized by the Green Bond Principles. Sustainalytics considers investments in electric vehicles to lead to positive environmental impacts and advance UN Sustainable Development Goal 11–Sustainable Cities and Communities.
PROJECT EVALUATION/SELECTION
LeasePlan defines eligible projects as its investments which increase the proportion of electric vehicles within its fleet. A Sustainability Steering Committee, chaired by the Chief Risk Officer, is responsible for ensuring that allocations are aligned with the Framework. This is in line with market practice.
MANAGEMENT OF PROCEEDS
LeasePlan’s treasury will manage the proceeds of the bond using a portfolio approach and tracked through the company’s internal reporting systems. Unallocated proceeds will be held in cash or short-term investments. Oversight of the allocations will be provided by the Sustainability Steering Committee on a quarterly basis. This is in line with market practice.
REPORTING
LeasePlan will report annually on allocated proceeds, unallocated proceeds as well as, where possible, impact metrics such as fleet average carbon intensity and avoided emissions. This is in line with market practice.