Project Details
Project
Mitsubishi UFJ Lease and Finance Green Bond Second-Party Opinion
Client
Mitsubishi UFJ Lease and Finance
Project Type
Green Bond/Loan
Industry Group
Banks
Use of Proceeds
Renewable energy; Green buildings; Employment generation and Socio-economic empowerment; Affordable housing;
Location
Japan
Evaluation Date
Apr 2018
Evaluation Summary
Sustainalytics is of the opinion that the Mitsubishi UFJ Lease and Finance Green Bond Framework is transparent, will create meaningful impact, and aligns with the Green Bond Principles 2017. Sustainalytics views the following elements of the Framework as key considerations:
USE OF PROCEEDS
The MUFJ Lease and Finance Green Bond identifies renewable energy as an eligibility criterion, which is recognized by the ICMA Green Bond Principles as impactful.
PROJECT EVALUATION/SELECTION
The projects will be evaluated and selected considering their alignment with the eligibility criteria by the environmental energy division. This is in line with market practice.
MANAGEMENT OF PROCEEDS
The treasury department will, on a quarterly basis, track budgets and actual spend for all the eligible green projects by using its internal management file. This is in line with market practice.
REPORTING
Mitsubishi UFJ Lease and Finance has committed to reporting on amount of CO2 emissions reduced by the eligible green projects as an impact metric, in addition to amount of power generation, which aligns with market practice.