Second-Party Opinion Download

Sustainalytics is of the opinion that the W&W Group 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 categories for the use of proceeds – Green Buildings and Renewable Energy – are aligned with those recognized by the Green Bond Principles. Sustainalytics considers that investments in the eligible categories will contribute to the decarbonization of W&W Group’s own investment portfolio in Europe, the US and Canada and advance the UN Sustainable Development Goals, specifically SDGs 7 and 11.

PROJECT EVALUATION AND SELECTION

W&W Group’s Green Bond Committee – which comprises representatives from the Risk and Finance Department and the business divisions of Housing and Insurance, and Sustainability – will be responsible for evaluating and selecting eligible green investments in line with the Framework’s eligibility criteria. W&W Group will assess and mitigate environmental and social risks associated with the eligible green assets as part of its property valuation and credit assessment. Sustainalytics considers W&W Group’s risk management system to be adequate and the project selection process to be in line with market practice. 

MANAGEMENT OF PROCEEDS

W&W Group’s Green Bond Committee oversees the process for managing proceeds through an internal monitoring system. W&W Group intends to allocate the proceeds within 36 months of issuance. Pending full allocation, W&W Group will temporarily invest the proceeds in green, social or sustainable bonds, cash or cash equivalents. This is in line with market practice.