BCI’s QuadReal launches green bond framework

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Copyright : malp // 123RFQuadReal Property Group, the real estate investment arm of the British Columbia Investment Management Corp., is launching a green bond framework.

The framework is for financing sustainable investment projects through BCI QuadReal Realty, which is the primary issuing entity of unsecured notes for the BCI’s real estate program

Under the framework, net green bond proceeds can be used for eligible green project categories, including renewable energy, green buildings, investments to improve resource and energy use in buildings, clean transportation, pollution prevention and control and climate change adaption.

“When QuadReal was launched, we established the principles of responsible investing and management,” said Dennis Lopez, chief executive officer at QuadReal, in a press release. “QuadReal’s green bond framework demonstrates our approach to how we select and execute our projects to achieve the goal of having a positive impact on the environment.”

QuadReal has also established a steering committee for green bonds with a mandate to oversee the framework and maintain a schedule of use for proceeds from green bonds, which will function as a database for eligible projects. The company will also produce a green bond report within one year of its initial green bond issuance and on a yearly basis thereafter until the net proceeds of the green bond issuance has been fully allocated or if the framework sees material changes

Environmental, social and governance research and analytics firm Sustainalytics reviewed the framework, finding it to be credible and impactful in addition to aligning with the International Capital Market Association’s 2018 green bond principles.

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