Project Details
Project
Verizon Green Financing Framework Second-Party Opinion
Client
Verizon Communications Inc.
Project Type
Green Bond/Loan
Industry Group
-
Use of Proceeds
-
Location
U.S.
Evaluation Date
Sep 2020
Evaluation Summary
Sustainalytics is of the opinion that the Verizon Green Financing Framework (the “Framework”) is credible and impactful and aligns with the four core components of the Green Bond Principles 2018 and the Green Loan Principles 2020. This assessment is based on the following:
USE OF PROCEEDS
The eligible categories for the use of proceeds – Renewable Energy, Energy Efficiency, Green Buildings, Sustainable Water Management, Biodiversity and Conservation – are aligned with those recognized by both the Green Bond Principles 2018 and the Green Loan Principles 2020. Sustainalytics considers that Verizon’s investments in these eligible categories will lead to positive environmental impacts and advance the UN Sustainable Development Goals (“SDGs”), specifically SDGs 6, 7, 8, 9, 11, & 15.
PROJECT EVALUATION/SELECTION
Verizon’s Sustainability and Treasury teams will be responsible for determining if potential investments are in conformance with the eligibility criteria of the Use of Proceeds. This is in line with market practice.
MANAGEMENT OF PROCEEDS
Verizon will track allocations using its internal recording system. Pending full allocation, proceeds will be managed in line with its liquidity policy. Verizon has stated its intention to allocate the majority of the net proceeds within three years of issuance. This is in line with market practice.
REPORTING
Verizon intends to produce a Green Financing Report annually until full allocation. This report will detail the amounts allocated to each category and provide relevant quantitative impact metrics, where feasible. This is in line with market practice.