Second-Party Opinion Download

Sustainalytics is of the opinion that the Visa Inc. 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, Energy efficiency, Renewable energy, Sustainable Water and Wastewater Management, Clean and Mass Transportation, and Inspiring and Empowering Sustainable Living Behaviors – are aligned with those recognized by the Green Bond Principles 2018. Sustainalytics considers that investments in these areas will lead to positive environmental impacts, both within the scope of Visa’s own operations as well as enabling positive impacts more broadly, and advance the UN Sustainable Development Goals, specifically SDG goals 6, 7, 9, 11 and 12.

PROJECT EVALUATION/SELECTION

Projects will be identified by Visa’s Sustainability Team, in consultation with other internal subject-matter expert groups. The identified projects will be presented to Visa’s SVP, Treasurer and the Global Head of Corporate Responsibility & Sustainability, who will be responsible for final approval. Sustainalytics considers the project selection process in line with market practice.

MANAGEMENT OF PROCEEDS

Visa commits to establishing an internal tracking system for managing green bond proceeds. Unallocated proceeds will be held in cash or liquid securities. This is in line with market practice. Net proceeds of the green bond will be allocated by the maturity date of the bond.

REPORTING

Visa intends to annually (or on a timely basis in case of material developments) publish a green bond report on its website until full allocation. The report will contain allocation information at the category level, as well as quantitative impact metrics and a disclosure of the balance of unallocated proceeds. Sustainalytics views Visa’s allocation and impact reporting as aligned with market practice.