Second-Party Opinion Download

USE OF PROCEEDS

The eligible category for the use of proceeds,  Clean Transportation, is aligned with those recognized by the Green Bond Principles 2018 and the Green Loan Principles 2021. Sustainalytics considers that the eligible category is expected to contribute to the decarbonization road transportation in Thailand and advance the UN Sustainable Development Goals, specifically SDG 11. 

PROJECT EVALUATION / SELECTION

TLT’s internal process in evaluating and selecting projects is overseen by the Treasury Division, which will meet on an annual basis to ensure selected vehicle models are in line with the eligibility criteria, manage future updates to the Framework and facilitate reporting. Sustainalytics considers the project selection process in line with market practice. 

MANAGEMENT OF PROCEEDS

TLT’s Treasury Division will be responsible for overseeing the processes for management of proceeds. Net proceeds will be deposited in TLT’s general account and tracked in TLT’s internal system. Pending allocation, proceeds will be held in liquid marketable or money market instruments. TLT intends to reach full allocation within 2 years of issuance. This is in line with market practice. 

REPORTING

TLT intends to report on the allocation of proceeds and on its website, as part of a separate Green Finance Allocation Report on an annual basis, until full allocation. Allocation reporting will include the amount of allocated proceeds, the amount of unallocated proceeds, and the share of financing vs refinancing. In addition, TLT will publish a one-time impact report a year following the bond settlement providing relevant impact metrics, such as the number of electric vehicles financed and/or refinanced and percentage reduction in CO2 emissions. Sustainalytics views TLT’s allocation and impact reporting as aligned with market practice.