Project Details
Project
Mitsubishi Estate Green Bond Second-Party Opinion
Client
Mitsubishi Estate
Project Type
Green Bond/Loan
Industry Group
-
Use of Proceeds
-
Location
Japan
Evaluation Date
May 2018
Evaluation Summary
Sustainalytics is of the opinion that the Mitsubishi Estate Green Bond Framework is robust, transparent and credible and well aligned with the four core components of the Green Bond Principles 2017. This assessment is based on the following:
USE OF PROCEEDS
The eligible use of proceeds category, Green Buildings, is recognized by ICMA’s Green Bond Principles as a project category having positive environmental benefits.
PROJECT EVALUATION/SELECTION
During the project selection and evaluation, the final approval was provided by the CEO of the company. Sustainalytics recognizes involvement by a C-level executive as in line with market best practice.
MANAGEMENT OF PROCEEDS
Mitsubishi Estate’s Finance & Accounting department will ensure tracking of allocated and unallocated amounts of the proceeds through an internal management system. This approach is in line with market practice.
REPORTING
Mitsubishi Estate plans to receive assertions by its finance director that the net proceeds have been invested in the eligible project, in addition to disclosure of allocation reporting. Sustainalytics views that this is line with market best practice. Furthermore, Mitsubishi Estate demonstrates a commitment to reporting on the progress of certification during the construction process as well as the environmental performance including energy consumption, CO2 emission, water consumption, waste generated, and recycle rate where possible once the building is constructed. This is in line with market standard.