Second-Party Opinion Download

USE OF PROCEEDS

The eligible categories for the use of proceeds – Green Buildings, Renewable Energy, Energy and Resource Efficiency, Clean Transportation, Terrestrial and Aquatic Biodiversity Conservation, Affordable Housing and Access to Essential Services – are aligned with those recognized by the Green Bond Principles, Social Bond Principles, Green Loan Principles and Social Loan Principles. Sustainalytics considers that investments in the eligible categories will lead to positive environmental and social impacts and advance the UN Sustainable Development Goals, specifically SDGs 7, 10, 11 and 15.  

PROJECT EVALUATION AND SELECTION

LiveWest’s New Homes Group and Investment in Existing Homes Group, together with the committees, review the eligibility of projects for financing under the Framework, subject to final approval by the Environmental Group. Members of the committees include the Executive Director of Finance; the Director of Corporate Finance; the Planning, Technical and Sustainability Director; the Executive Director of Development; the Executive Director of Operations; and the Director of Asset Management, as well as subject-matter experts from respective teams. LiveWest has internal processes to address environmental and social risks associated with the eligible assets. Sustainalytics considers these processes to be in line with market practice. 

MANAGEMENT OF PROCEEDS

LiveWest’s Treasury Team is responsible for the management of proceeds, which is overseen by the Director of Corporate Finance. The Organization will initially deposit the proceeds in its general treasury account and track the allocation until full allocation. In addition, the Environmental Group will monitor the allocation of proceeds to eligible projects. Pending allocation, net proceeds will be held as cash deposits or money market funds or used for short-term repayment of other debt facilities. LiveWest aims to fully allocate the net proceeds within 24 months. This is in line with market practice. 

REPORTING

LiveWest commits to report on the allocation of proceeds on its website on an annual basis until full allocation. For revolving credit facilities, LiveWest has confirmed to Sustainalytics it will report until loan maturity. This report will include the total amount of proceeds allocated to each eligible category, the share of financing versus refinancing and the balance of unallocated proceeds. In addition, LiveWest commits to report on relevant impact metrics where feasible. Sustainalytics views the allocation and impact reporting as aligned with market practice.