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Second-Party Opinion Download

Project Details


TELUS Sustainability-Linked Bond Framework Second-Party Opinion (2021)



Project Type

Sustainability Linked Bond or Note

Industry Group

Telecommunication Services

Use of Proceeds




Evaluation Date

Jun 2021

Evaluation Summary

Sustainalytics is of the opinion that the TELUS Sustainability-Linked Bond Framework aligns with the Sustainability-Linked Bond Principles 2020. This assessment is based on the following: 

Selection of Key Performance Indicator (KPI) 

The TELUS Sustainability-Linked Bond Framework includes one KPI: Scope 1 and 2 GHG emissions (see Table 1). Sustainalytics considers the KPI chosen to be adequate based on its scope and applicability, and the clear and consistent definitions.  

Calibration of Sustainability Performance Target (SPT) 

Sustainalytics considers the SPT to be aligned with the Issuer's sustainability strategy. Sustainalytics further considers the SPT to be ambitious based on Issuer’s historical performance, performance against peers and external contextual benchmarks. 

Bond Characteristics 

TELUS will link the bond's financial/ structural characteristics to the achievement of the SPT, namely a premium payment amount or step-up margin amount. If TELUS achieves the SPT, there will be no impact on the coupon rate. 


TELUS commits to report on an annual basis on its performance of the KPI in its Sustainability Report or other similar report(s), and also on its website. TELUS commits to disclose relevant information which may enable monitoring of the progress of the selected KPI, such as any significant structural changes. The reporting commitments are aligned with the Sustainability-Linked Bond Principles.  


TELUS commits to have an external limited assurance conducted on its KPI performance annually and at the communicated SPT deadline, which is aligned with market expectations.