Second-Party Opinion Download

Project Details


Walmart Inc. Green Financing Framework Second-Party Opinion (2021)


Walmart Inc.

Project Type

Green Bond/Loan



Evaluation Date

Aug 2021

Evaluation Summary

Sustainalytics  is  of  the  opinion that  the Walmart  Inc. Green  FinancingFrameworkis credible  and  impactful  and aligns with  the  four  core components  of  the  Green  Bond Principles 2021and the Green Loan Principles 2021. This assessment is based on the following:


The eligible categories for the use of proceeds – Renewable Energy, High Performance Buildings, Sustainable Transport, Zero Waste and Circular Economy, Water Stewardship, and Habitat Restoration and Conservation – are aligned with those recognized the Green Bond Principles and the Green Loan Principles. Sustainalytics considers that investments in the eligible categories will lead to positive environmental impacts and advance the UN Sustainable Development Goals, particularly Goals 6, 7, 9, 11, 12, 14 and 15. 


A dedicated Sustainable Finance Committee will be responsible for assessing project eligibility and making the final decision on project selection. Walmart Inc. has due diligence processes in place to manage and mitigate environmental and social risks, which are applicable for all allocations under the Framework. Sustainalytics considers the risk management processes to be adequate and the project selection to be in line with market practice. 


The company’s Treasury team will monitor and track the net proceeds via its internal recording system using a portfolio approach. Pending full allocation of the Green Financing Instruments, unallocated proceeds will be managed in accordance with Walmart’s normal liquidity practices. Sustainalytics considers this to be aligned with market practice. 


Walmart Inc. intends to publish allocation and impact reporting on an annual basis, within one year from the date of issuance and until full allocation. The allocation reporting will include amounts allocated to each category of proceeds as well as share of financing vs refinancing. Impact reporting will include, where feasible, metrics for each of the eligible green categories. This is in line market practice.