Framework to provide transparency in REIT’s green bond issuance and reporting processes
One of Canada’s largest real estate investment trusts has launched a new framework to provide transparency in their green bond issuance and reporting processes.
RioCan REIT has announced the establishment of its green bond framework – the first REIT in Canada to do so. Under the framework, RioCan said that it intends to use the net proceeds from the issuances of green bonds to finance eligible green projects – including green buildings and investments that support procuring energy from renewable sources.
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According to RioCan, the framework has been reviewed by environmental, social, and governance research firm Sustainalytics, which issued a second party opinion confirming that the framework aligns with the International Capital Markets Association Green Bond Principles 2018.
“As a responsible community steward, we are proud to launch our green bond framework,” said Edward Sonshine, chief executive officer of RioCan. “It is an important advancement in RioCan’s progress towards embedding sustainability practices across all aspects of our business. Our green bond framework enables us to raise capital in support of initiatives and activities as we grow and build for the future in an environmentally sustainable way.”
