Project Details
Project
Global Switch Holdings Limited Green Bond Framework Second-Party Opinion
Client
Global Switch Holdings Limited
Project Type
Green Bond/Loan
Industry Group
-
Use of Proceeds
-
Location
U.K.
Evaluation Date
Sep 2020
Evaluation Summary
Sustainalytics is of the opinion that the Global Switch Holdings Limited 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 eligible categories for the use of proceeds – Green Buildings and Energy Efficiency – are aligned with those recognized by the Green Bond Principles 2018. Sustainalytics considers that the eligible categories will lead to positive environmental impacts and advance the UN Sustainable Development Goals, specifically SDG 7 and 9.
PROJECT EVALUATION/SELECTION
Global Switch Holdings Limited will set up a Green Bond Committee including representatives from various departments to evaluate and select projects for the Eligible Green Project Portfolio based on their alignment with the eligibility criteria outlined in the Framework. Sustainalytics considers this to be aligned with market practice.
MANAGEMENT OF PROCEEDS
Global Switch Holdings Limited’s Treasury department will manage net bond proceeds and allocation to the Eligible Green Project Portfolio. Global Switch will strive to ensure that the total value of the Eligible Green Project Portfolio will match or exceed the total proceeds raised. Pending full allocation, unallocated proceeds will be managed in line with existing treasury management policies. This is in line with market practice.
REPORTING
Global Switch Holdings Limited intends to report allocation proceeds on its website, on an annual basis, until full allocation. In addition, Global Switch Holdings Limited is committed to reporting on relevant impact metrics. Sustainalytics views Global Switch Holdings Limited’s allocation and impact reporting as aligned with market practice.