Second-Party Opinion Download

Sustainalytics is of the opinion that the Transports publics genevois (TPG) Green Bond Framework is credible and impactful and aligns with the four core components of the Green Bond Principles 2021. This assessment is based on the following:

USE OF PROCEEDS

The eligible category for the use of proceeds, Clean Transportation, is aligned with those recognized by the Green Bond Principles. Sustainalytics considers that investments in the eligible category will lead to positive environmental impacts and advance the UN Sustainable Development Goals, specifically SDGs 9 and 11.

PROJECT EVALUATION / SELECTION

TPG’s Green Bond Committee will manage the internal process for evaluating and selecting projects. The Green Bond Committee will select the projects in adherence with TPG’s social and environment risk management practices, internal policies, external certifications and Cantonal/Federal legislation Sustainalytics considers the project selection process to be in line with market practice.

MANAGEMENT OF PROCEEDS

TPG intends to fully allocate proceeds within 36 months and has defined 24 months as the look-back period for refinancing of projects. Unallocated proceeds will be temporarily invested in cash or cash equivalents in the Canton of Geneva’s cash pooling system. TPG’s Treasurer will be responsible for the managing and tracking of proceeds via a cash flow monitoring system. This is in line with market practice.

REPORTING

TPG intends to report on the allocation of proceeds on its website on an annual basis until full allocation. The allocation reporting will include the total amount of proceeds allocated, the balance of unallocated proceeds, the share of financing versus refinancing, and the geographical distribution of eligible projects and assets. In addition, TPG is committed to reporting on relevant impact metrics. TPG has also committed to an independent review of its annual reporting, which is in line with best market practice. Sustainalytics views TPG’s allocation and impact reporting as aligned with market practice.