Project Details
Project
Le Groupe La Poste Green Bond Second-Party Opinion
Client
Le Groupe La Poste
Project Type
Green Bond/Loan
Industry Group
-
Use of Proceeds
-
Location
France
Evaluation Date
Oct 2018
Evaluation Summary
Sustainalytics is of the opinion that the Green Bond Framework Le Groupe La Poste 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 category for the use of proceeds – (i) Clean Transportation, (ii) Low Carbon Buildings and (iii) Renewable Energy are aligned with those recognized by the Green Bond Principles. Sustainalytics considers that investments in the ‘Eligible Assets’ under the green bond framework will advance an expansion in electromobility solutions for La Poste’s postal and delivery system, a reduction in energy consumption requirements for its logistics and services buildings and an increase of its in-house renewable energy generation capacities, supporting the company’s environmental goals.
PROJECT EVALUATION/SELECTION
La Poste’s project evaluation and selection are executed by a Green Bond Committee that has cross departmental representation from the company’s Group Societal Engagement Department, Financial Communication Department, Treasury Department, Operational business units and the Group Financial Control Department. This process is aligned with market practice.
MANAGEMENT OF PROCEEDS
Proceeds from the green bonds will be tracked internally by the Group Financial Control Department. Pending full allocation of proceeds, La Poste may invest, on a best efforts basis, the unallocated proceeds in money-market instruments following a responsible investment approach. Sustainalytics views La Poste’s intention to invest in money market instruments following a responsible investment approach to the extent possible positively.
REPORTING
La Poste commits to provide an annual allocation and impact report. The allocation report will indicate the assets financed by the green bond proceeds, the allocated amount and total amount by project category (in %), as well as the unallocated proceeds amount. With regards to the impact reporting, La Poste will provide two subsets of quantitative information per project category (output indicators and impact indicators) such as: number of electric vehicles purchased, the list of new buildings constructed or renovated, annual renewable energy generated (in MWh), and the estimated GHG emissions avoided (in tCO2e). This process in line with current market practices.