Project Details
Project
MORI BUILDING Green Bond Second-Party Opinion
Client
MORI BUILDING
Project Type
Green Bond/Loan
Industry Group
Real Estate
Use of Proceeds
Green buildings
Location
Japan
Evaluation Date
Jan 2019
Evaluation Summary
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 2018. This assessment is based on the following:
USE OF PROCEEDS
The eligible category for the use of proceeds, green buildings, is recognized by the Green Bond Principles. Sustainalytics considers that the eligible projects will lead to positive environmental impacts and advance the UN Sustainable Development Goals (SDGs), specifically SDGs 7 and 11.
PROJECT EVALUATION/SELECTION
A Green Bond Committee, comprised of members of the Finance Department and a department which promotes sustainability, will select eligible projects, and corporate officers of both Departments will be responsible for project evaluation and selection. The final decision is made by the President and CEO. This is in line with market best practice.
MANAGEMENT OF PROCEEDS
MORI BUILDING’s Finance Department will use existing tracking systems to manage the proceeds, with monitoring conducted biannually. Pending allocation, funds will be held in cash or cash equivalents, subject to disclosure in statutory documents. This is in line with market practice.
REPORTING
MORI BUILDING is committed to annual reporting on allocation and impact via its website. The former will include amounts allocated to each eligible project, while the latter will consist of information on certifications achieved and quantitative metrics of environmental performance. This is in line with market practice.