Second-Party Opinion Download

Sustainalytics is of the opinion that the Mori Building Co., Ltd. Green Bond Framework is credible and impactful and aligns with the four core components of the Green Bond Principles 2021. This assessment is based on the following:

USE OF PROCEEDS

The eligible category for the use of proceeds – Green Buildings – is aligned with those recognized by the Green Bond Principles. Sustainalytics considers that investments in green buildings are expected to contribute to the transition to a low-carbon economy in Japan and advance the UN Sustainable Development Goals, specifically SDGs 9 and 11.

PROJECT EVALUATION / SELECTION

Mori Building Co., Ltd’s Finance Department and the Sustainability Committee will be responsible for overseeing the evaluation and selection of eligible projects. The President and CEO of Mori Building Co., Ltd will be in charge of final allocation decisions. Mori Building Co., Ltd’s environmental and social risk assessments and mitigation processes apply to all allocation decisions made under the Framework. Sustainalytics considers the project selection process in line with market practice.

MANAGEMENT OF PROCEEDS

Mori Building Co., Ltd’s Finance department will be responsible for the management and allocation of proceeds to eligible green projects. The proceeds will be tracked using an internal management system and the Company intends to achieve full allocation within 24 months of issuance. Pending allocation, unallocated proceeds will be held in cash or cash equivalents. Sustainalytics considers this process to be in line with market practice. 

REPORTING

Mori Building Co., Ltd intends to report on the allocation of proceeds on its website annually until full allocation. Allocation reporting will include information such as list of assets financed or refinanced, the amount of net proceeds allocated, share of financing vs refinancing, unallocated proceeds and scheduled allocation period on a project-by-project basis. In addition, Mori Building Co., Ltd is committed to reporting on relevant impact indicators to the extent practicable. Sustainalytics views Mori Building Co., Ltd’s reporting system as aligned with market practice.