Second-Party Opinion Download

Sustainalytics is of the opinion that the Marubeni Corporation Green Bond Framework is credible and impactful and aligns to the four core components of the Green Bond Principles 2021. This assessment is based on the following:

USE OF PROCEEDS

The eligible categories for the use of proceeds Renewable Energy, Environmentally Sustainable Management of Living Natural Resources and Land Use, Sustainable Water and Wastewater Management, and Pollution Prevention and Control, are aligned with those recognized by the Green Bond Principles. Sustainalytics considers that investments in the eligible categories will lead to positive environmental impacts and advance the UN Sustainable Development Goals, specifically SDGs 6, 7 ,12 and 15.

PROJECT EVALUATION / SELECTION

Marubeni Corporation’s process for evaluating and selecting projects is managed by the Finance Department. The Finance Department, in consultation with the Sustainability Management Department as well as relevant business units, checks the eligible green project candidates and confirms the alignment between the projects and the eligible criteria defined in the Framework. The CFO makes the final decision regarding the projects selected through this process. The process of prior assessment of environmental and social risks using Marubeni’s sustainability assessment tool is applied to all allocation decisions made under the Framework. Sustainalytics considers this risk management system to be adequate. Sustainalytics considers the project selection process in line with market practice.

MANAGEMENT OF PROCEEDS

Marubeni Corporation’s process for the management of proceeds is implemented through the Finance Department. Using an internal management system, Marubeni Corporation tracks and manages the status of proceeds’ allocation to eligible projects at least once a year. In cases where any proceeds remain unallocated, the amount equal thereto will be managed in cash and cash equivalents. Marubeni Corporation’s processes for management of proceeds is in line with market practice.

REPORTING

Until full allocation of the proceeds, Marubeni Corporation intends to report on the proceeds’ allocation status and positive environmental impacts on its website once a year. Marubeni Corporation is also committed to reporting relevant impact indicators and obtaining post issuance reviews from an independent reviewer. Sustainalytics views Marubeni Corporation’s allocation and impact reporting as aligned with market practice.