Project Details
Project
Seaspan Blue Transition Bond Framework Second-Party Opinion (2021)
Client
Seaspan Corporation
Project Type
Transition Bond
Industry Group
-
Use of Proceeds
-
Location
Canada
Evaluation Date
Jun 2021
Evaluation Summary
Seaspan has developed the Seaspan Blue Transition Bond Framework (the “Framework”) under which it intends to issue transition bonds and use the proceeds to finance and/or refinance, in whole or in part, existing and/or future projects that facilitate the transition of the Company’s operations to a low-carbon economy.
Green Bond Principles 2021
Sustainalytics is of the opinion that the Seaspan Blue Transition Bond Framework is credible and impactful and aligns with the four core components of the Green Bond Principles 2021 administered by ICMA. The eligible categories for the use of proceeds – Alternative Fuel Containerships and Marine Vessel Energy Efficiency – are aligned with those recognized by the Green Bond Principles and will reduce the environmental impacts of the shipping industry. Sustainalytics specifically considers investments in LNG-powered ships and related expenditures to be a viable option for the low-carbon transition of the shipping sector.
Climate Transition Finance Handbook 2020
Sustainalytics has evaluated Seaspan’s transition governance, strategy, decarbonization targets, and intentions to report on transition progress, and finds the Company to be partially aligned with the recommendations of the Climate Transition Finance Handbook 2020. Seaspan has adopted the International Maritime Organization’s emission reduction targets, which are considered by Sustainalytics to be acceptable given that, although they do not fully align to a two-degree climate scenario, they have been adopted by a credible international organization.