Project Details
Project
Salesforce Sustainable Bond Framework Second-Party Opinion (2021)
Client
Salesforce
Project Type
Sustainability Bond/Loan
Industry Group
-
Use of Proceeds
-
Location
U.S.
Evaluation Date
Jun 2021
Evaluation Summary
Sustainalytics is of the opinion that the Salesforce Sustainable Bond Framework is credible and impactful and aligns with the Sustainability Bond Guidelines 2021, Green Bond Principles 2021, and Social Bond Principles 2021. This assessment is based on the following:
USE OF PROCEEDS
The eligible categories for the use of proceeds – Technology for Climate Action, Green Buildings, Renewable Energy, Pollution Prevention and Control, Nature-Based Solutions, Sustainable Water Management, Technology for Social Good, Commitment to Racial Equality, Socioeconomic Advancement and Empowerment – are aligned with those recognized by both the Green Bond Principles and Social Bond Principles. Sustainalytics considers that investments in the eligible categories will lead to positive environmental or social impacts and advance the UN Sustainable Development Goals, specifically SDG 4, 5, 6, 7, 8, 9, 10, 11, 12 and 15.
PROJECT EVALUATION / SELECTION
Salesforce has established a committee, consisting of representatives from Salesforce’s Treasury, Finance, Sustainability and Legal teams, to oversee the project evaluation and selection process. The committee is responsible for final project selection and sign-off and ensuring ongoing alignment with the Framework. Sustainalytics considers the project selection process in line with market practice.
MANAGEMENT OF PROCEEDS
Salesforce intends to track and manage proceeds raised under this Framework using its internal recording system. Unallocated proceeds will be temporarily held in cash, cash equivalents, and/or high-quality marketable securities. Sustainalytics considers this process to be in line with market practice.
REPORTING
Salesforce commits to provide allocation and impact reporting on an annual basis until full allocation or in case of any material changes. The report will include allocations made towards Eligible Projects on a category basis and, where feasible, on a project basis. In addition, Salesforce is committed to reporting on relevant impact metrics. Sustainalytics views Salesforce’s allocation and impact reporting as aligned with market practice.