Project Details
Project
Seazen Group Limited / Seazen Holdings Co., Limited Sustainable Finance Framework Second-Party Opinion (2021)
Client
Seazen Group Limited / Seazen Holdings Co., Limited
Project Type
Sustainability Bond/Loan
Industry Group
-
Use of Proceeds
-
Location
China
Evaluation Date
Jun 2021
Evaluation Summary
Evaluation Summary
USE OF PROCEEDS
The eligible categories for the use of proceeds – Green Buildings, Energy Efficiency, Pollution Prevention and Control, Sustainable Water and Wastewater Management, Climate Change Adaptation, Renewable Energy, Clean Transportation, Environmentally Sustainable Management of Living Natural Resources and Land Use, and Access to Essential Services – are aligned with those recognized by the Green Bond Principles, Social Bond Principles, Green Loan Principles, and Social Loan Principles. Sustainalytics considers that the eligible categories will lead to positive environmental or social impacts and advance the UN Sustainable Development Goals, specifically SDGs 3, 4, 6, 7, 9 and 11.
PROJECT EVALUATION / SELECTION
Seazen’s project evaluation and selection process will be managed by a Sustainable Finance Working Group (“SFWG”), comprised of members from the Property Management, Sustainability, Treasury, Investor Relations, and Legal departments. The SFWG will be responsible for final approval of eligible projects which will be reviewed annually. In case of projects that no longer meet the criteria, they will be replaced with new eligible projects as soon as practicable. Sustainalytics considers the project selection process to be in line with market practice.
MANAGEMENT OF PROCEEDS
Seazen’s Finance Department will be responsible for the management of proceeds with oversight from the SFWG. The allocation of proceeds will be tracked using the Group’s internal management system. Unallocated proceeds will be temporarily held in money market instruments or used to repay existing debt within the Group in line with the exclusion criteria. This is aligned with market practice.
REPORTING Seazen
intends to report on allocation of proceeds on its website on an annual basis until full allocation. Allocation reporting will include information such as the allocation amount by eligible category, share of financing vs. refinancing, project examples, and amount of unallocated proceeds and its temporary treatment. In addition, Seazen is committed to reporting on relevant impact metrics. Sustainalytics views Seazen’s allocation and impact reporting as aligned with market practice.