Project Details
Project
Whitney Museum Green Bond Framework Second-Party Opinion
Client
The Whitney Museum of American Art
Project Type
Green Bond/Loan
Industry Group
-
Use of Proceeds
-
Location
U.S.
Evaluation Date
Dec 2020
Evaluation Summary
Sustainalytics is of the opinion that the Whitney Museum Green Bond Framework is credible and impactful and aligns with the four core components of the Green Bond Principles 2018. This assessment is based on the following:
USE OF PROCEEDS
The eligible category for the use of proceeds — Green Buildings — is aligned with those recognized by the Green Bond Principles 2018. The Whitney Museum of American Art (“Whitney Museum” or the “Museum”) intends on utilizing funds raised under this Framework to refinance outstanding debt relating to the building in New York City which it currently occupies (the “Building”). Sustainalytics considers that investment in green buildings will lead to positive environmental impact and advance the UN Sustainable Development Goals, specifically SDG 9.
PROJECT EVALUATION/SELECTION
In 2009, a new site was selected for the Museum’s new Building, and. its construction was completed in 2015. The Museum followed an internal process to evaluate the investment and final approval was provided by the Board of Trustees of the Museum. Sustainalytics considers this to be aligned with market practice.
MANAGEMENT OF PROCEEDS
The entire proceeds issued from the bond raised under this Framework is intended to refinance outstanding debt relating to the Building. Sustainalytics considers this to be aligned with market practice.
REPORTING
Whitney Museum of American Art intends to furnish the green building certification for the Building on its website. Sustainalytics considers this to be in line with market practice for investments in green buildings.