Second-Party Opinion Download

Sustainalytics is of the opinion that the Bilibili Inc. Sustainable Finance Framework is credible and impactful and aligns with the Sustainability Bond Guidelines 2021, Green Bond Principles 2021, Social Bond Principles 2021 and Green Loan Principles 2021. This assessment is based on the following:  

USE OF PROCEEDS

The eligible categories for the use of proceeds – Green Buildings, Energy Efficiency, Renewable Energy, Pollution Prevention and Control, Socioeconomic Advancement and Empowerment and Access to Essential Services (Education) – are aligned with those recognized by the Green Bond Principles, Social Bond Principles and Green Loan Principles. Sustainalytics considers that investments in the eligible categories aim to improve the environmental impact of Bilibili Inc.’s operations, increase access to education and create other social benefits in China while advancing the UN Sustainable Development Goals, specifically SDG 4, 7, 8, 9, 10 and 12.

PROJECT EVALUATION / SELECTION 

Bilibili Inc.’s internal process for identifying and monitoring projects will be carried out by the Sustainable Finance Working Group. The eligible projects identified by the Sustainable Finance Working Group will go through an internal process that includes final review by senior management and the Board of Directors. Bilibili Inc. applies risk management measures in its allocation decisions to mitigate relevant environmental and social risks.  Sustainalytics considers these risk management systems to be adequate and the project selection process to be in line with market practice. 

MANAGEMENT OF PROCEEDS

Bilibili Inc.‘s Sustainable Finance Working Group will oversee the management of proceeds. The net proceeds under the Framework will be tracked through an internal tracking system. Pending allocation, net proceeds will be temporarily invested in cash equivalent, deposits, structured deposits, money market funds and other short term high liquidity products. This is in line with market practice.

REPORTING

Bilibili Inc.  intends to report on the allocation and impact of proceeds as part of its ESG Report on Bilibili’s investor relations website on an annual basis until full allocation. Allocation reporting will include information on eligible projects financed, proportion of financed and refinanced projects, unallocated proceeds and details on temporary allocation. In addition, Bilibili Inc. is committed to reporting on relevant impact metrics. Sustainalytics views Bilibili’s allocation and impact reporting as aligned with market practice.