Second-Party Opinion Download

Sustainalytics is of the opinion that the Saint Lucia Blue 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 four eligible categories for the use of proceeds – Pollution Prevention and Control; Environmentally Sustainable Management of Natural Resources and Land Use; Sustainable Water and Wastewater Management; and Sustainable Coastal and Marine Tourism and Development – are aligned with those recognized by the Green Bond Principles. Sustainalytics considers that investments in the eligible categories will lead to positive environmental impacts and advance the UN Sustainable Development Goals, specifically SDGs 6, 12, 14 and 15.

PROJECT EVALUATION AND SELECTION

Saint Lucia’s Ministry of Finance has established a Blue Bond Committee which is responsible for evaluating and selecting eligible projects in line with the Framework’s eligibility criteria. The committee includes representatives from the Departments of Finance, Sustainable Development and Economic Development, as well as nominated representatives from the Attorney General’s Chambers and the Performance Management and Delivery Unit of the Prime Minister’s Office. The Blue Bond Committee is also responsible for identifying and mitigating environmental and social risks associated with the financed projects. Sustainalytics considers this to be in line with market practice.

MANAGEMENT OF PROCEEDS

The Ministry of Finance will be responsible for the allocation and tracking of the proceeds, using a blue bond register. The Government of Saint Lucia intends to fully allocate net proceeds within twenty-four months of issuance, on a best-effort basis. Pending allocation, the proceeds will be managed by the Accountant General’s Department in the Treasury General Account in accordance with Saint Lucia’s regulatory framework and treasury policies. Sustainalytics considers this to be in line with market practice. 

REPORTING

The Government of Saint Lucia commits to report on the allocation and impact annually until full allocation published on its website. Allocation reporting may include the description of selected eligible projects and list of expenditures financed; allocated proceeds per category; share of financing and refinancing; and total allocated amount. Impact reporting will include relevant impact metrics for each category. Sustainalytics views Saint Lucia’s allocation and impact commitments as aligned with market practice.