Project Details
Project
Specialfastigheter Green Bond Framework Second-Party Opinion (2021)
Client
Specialfastigheter
Project Type
Green Bond/Loan
Industry Group
Real Estate
Use of Proceeds
Green buildings; Energy efficiency; Natural resources/land use management; Renewable energy;
Location
Sweden
Evaluation Date
Oct 2021
Evaluation Summary
Sustainalytics is of the opinion that the Green Bond Framework is credible and impactful and aligns to the four core components of the Green Bond Principles 2021. This assessment is based on the following:
USE OF PROCEEDS
The eligible categories for the use of proceeds – Green Buildings, Energy Efficiency, Environmentally Sustainable Management of Living Natural Resources and Land Use and Renewable Energy – 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 (“SDGs”), specifically SDGs 7, 11 and 15.
PROJECT EVALUATION / SELECTION
Specialfastigheter Sverige AB (“Specialfastigheter”) has a dedicated Green Bond Committee (the “Committee”) who will be responsible for the evaluation and selection of eligible projects. Specialfastigheter’s company-level environmental and social risk mitigation processes are applicable to all allocation decisions made under the Framework. Sustainalytics considers the risk management systems to be adequate and the project selection process to be in line with market practice.
MANAGEMENT OF PROCEEDS
Specialfastigheter intends to track the net proceeds via a dedicated, segregated Green Bond Account. Pending full allocation, unallocated proceeds may be temporarily invested in short-term interest-bearing securities in line with Specialfastigheter’s financial policy. Sustainalytics considers this process to be adequate and in line with market practice.
REPORTING
The company intends to report on allocation of proceeds on its website annually until full allocation via a Green Bond Investor Report. In addition, Specialfastigheter is committed to reporting on the environmental impact of the eligible projects. Sustainalytics views Specialfastigheter’s allocation and impact reporting as aligned with market practice.