Project Details
Project
City of Vancouver Green Bond Second-Party Opinion
Client
City of Vancouver
Project Type
Green Bond/Loan
Industry Group
-
Use of Proceeds
-
Location
Canada
Evaluation Date
Jun 2018
Evaluation Summary
Sustainalytics is of the opinion that the City of Vancouver Green Bond Framework is credible and impactful and aligns with the four core components of the Green Bond Principles 2018. This assessment is based on the following:
USE OF PROCEEDS
The use of proceeds includes a comprehensive list of eligible categories that are important for low-carbon and climate resilient growth and all seven categories are aligned with those recognized by the Green Bond Principles. Sustainalytics considers that the project categories will have clear positive environmental impacts and address the City’s environmental needs.
PROJECT EVALUATION/SELECTION
The responsibility for project selection and evaluation belongs to the City’s Finance, Risk and Supply Chain Management Department, in consultation with other relevant departments such as Engineering Services; Planning, Urban Design, and Sustainability; and Real Estate and Facilities Management. Support by a strong governance structure is in line with market practice.
MANAGEMENT OF PROCEEDS
The City of Vancouver will deposit and record funds separately which tracks the allocation of funds towards eligible projects. Pending allocation, the proceeds will be held in cash or liquid fixed-income instruments. The City’s processes to manage and track proceeds using internal reporting systems are in line with market practice.
REPORTING
The City of Vancouver has committed to publish once a year, through the City of Vancouver’s website, updates on the allocation of proceeds, including updates on the eligible projects funded and relevant key performance indicators where feasible, as aligned with market practice.