Project Details
Project
New World Development Green Bond Second-Party Opinion
Client
New World Development
Project Type
Green Bond/Loan
Industry Group
Real Estate
Use of Proceeds
Green buildings; Energy efficiency; Renewable energy; Water/waste water management; Climate change adaptation;
Location
Hong Kong
Evaluation Date
Mar 2018
Evaluation Summary
Sustainalytics is of the opinion that the New World Development (NWD) Green Finance Framework is credible and impactful and aligns with the four pillars of the Green Bond Principles 2017. Additionally, Sustainalytics views the NWD’s Green Finance positively.
USE OF PROCEEDS
The eligible use of proceeds categories (i.e. Green Buildings, Energy Efficiency and Renewable Energy, Water Management, Waste Management and Climate Change Adaptation) are recognized by the Green Bond Principles as project categories having positive environmental benefits.
PROJECT EVALUATION/SELECTION
New World Development’s project evaluation and selection process is executed through a “Green Finance Review Panel.” This is in line with market practice.
MANAGEMENT OF PROCEEDS
NWD’s internal process in management of use of proceeds is in line with market practices, and includes a register of “Funding Transactions” under the Green Finance Framework, with relevant information about the transaction and allocation.
REPORTING
NWD demonstrates a commitment to transparency in allocation and impact reporting. With regards to (ii) impact reporting, New World Development will report on energy consumption reduction (in kWh), carbon emissions reduction (in tonnes of CO2e), water consumption reduction (in m3 ) among other metrics.