Second-Party Opinion Download

Sustainalytics is of the opinion that the QSCF Sustainability Financing Framework is credible and impactful and aligns with the Sustainability Bond Guidelines 2018 and the Green Loan Principles 2018. This assessment is based on the following:

USE OF PROCEEDS

The eligible categories for the use of proceeds – (i) Green Buildings, (ii) Energy Efficiency, (iii) Renewable Energy, (iv) Sustainable Water & Wastewater Management, (v) Pollution Prevention & Control, (vi) Terrestrial & Aquatic Biodiversity Conservation,(vii) Clean Transportation, (viii) Access to Essential Services, and (ix) Socioeconomic Empowerment and Advancement are aligned with those recognized by the Sustainable Bond Guidelines 2018 and the Green Loan Principles 2018. Sustainalytics considers the Eligible Projects and Assets will contribute to reduce the environmental footprint of commercial buildings in Australia and can contribute to the socioeconomic advancement of vulnerable and underserved population groups in Australia. Sustainalytics views that the projects will advance UN SDGs 6,7, 9, 11 and 15.

PROJECT EVALUATION/SELECTION

The project evaluation and selection process will be executed through a dedicated “Sustainability Financing Working Group” (SFWG) consisting of representatives from the QIC GRE’s sustainability team and the GRE Investment Governance & Analytics and GRE Capital teams. In addition to alignment with the eligibility criteria, all projects financed through green bonds or green loans should align with QIC GRE’s ESG Strategy & Minimum Standards and Environmental Targets. Sustainalytics views this process to be in line with market practice.

MANAGEMENT OF PROCEEDS

Proceeds from the issuances will be tracked and reported through QIC’s internal information systems and financial records. Pending full allocation, QIC will invest the unallocated proceeds according to QSCF Treasury Policy. This process is aligned with market practices.

REPORTING

QIC commits to provide allocation and impact reporting through an annual sustainable financing report QSCF Annual Sustainable Financing Report. The (i) allocation reporting will include the list of projects financed along with their respective descriptions and amounts, as well as the outstanding balance of unallocated proceeds. The (ii) impact reporting will, on a best effort basis, include relevant qualitative and/or quantitative environmental and social performance indicators tailored per each category. Sustainalytics views scope and granularity of the reporting to be in line with market practice.