Project Details
Project
Tianjin Rail Transit (TRT) Green Bond Second-Party Opinion
Client
Tianjin Rail Transit (TRT)
Project Type
Green Bond/Loan
Industry Group
Transportation
Use of Proceeds
Clean transport; Energy efficiency; Pollution prevention and control;
Location
China
Evaluation Date
Feb 2018
Evaluation Summary
Sustainalytics is of the opinion that the Tianjin Rail Transit Group Co., Ltd. (TRT) Green Bond Framework is credible and impactful, and aligns with the four pillars of the Green Bond Principles 2017 (GBP). Some of the key considerations of this assessment are:
USE OF PROCEEDS
Low-carbon transportation, pollution prevention (particularly reduction of air emissions), energy efficiency, and renewable energy are recognized by the GBP as eligible categories.
PROJECT EVALUATION/SELECTION
Projects will be selected based on compliance with the eligibility criteria by TRT’s dedicated Green Bond Working Group (GBWG). This is in line with market practice.
MANAGEMENT OF PROCEEDS
The TRT Green Bond Framework has a transparent earmarking process for the management of proceeds which includes a Green Bonds Register. This is line with market practice.
REPORTING
TRT will publish an annual green bond report, and its allocation reporting is in line with market expectations. TRT has also committed to impact reporting annually, which is in line with market practice.