Pacific Life Issues Sustainable Bond to Help Finance Energy Efficient Initiatives

(Credit: Pixabay)

by | Apr 6, 2021

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(Credit: Pixabay)

Pacific Life has issued its Sustainable Bond Framework under which framework it can issue Sustainable Bonds to help finance energy efficient and renewable energy initiatives.

The Pacific Life Sustainable Bond Framework is in alignment with the four components of the Sustainability Bond Guidelines (2018), the Green Bond Principles (2018), and the Social Bond Principles (2020). Pacific Life has obtained and will make publicly available a Second Party Opinion (SPO).

Key details to the Sustainable Bond Framework include:

  • An amount equal to the net proceeds of an issuance Sustainable Bonds will be allocated to existing and future investments in or financings of eligible projects that meet the following criteria:
    • Green Buildings
    • Renewable and Energy Efficiency
    • Sustainable Water and Wastewater Management
    • Terrestrial and Aquatic Biodiversity Conservation
    • Clean Transportation
    • Access to Essential Services – Education, Affordable Housing
  • Pacific Life will track allocations using its internal recording system
  • Investors will be updated annually regarding the allocation of net proceeds to eligible projects

An amount equal to the net proceeds of Pacific Life‘s Sustainable Bonds will be allocated to existing or future investments in or financings of eligible projects that meet Pacific Life’s Sustainable Bond Framework eligibility criteria as defined below. Eligible projects are investments and expenditures made by Pacific Life Insurance Company or any of its subsidiaries beginning with the issuance date of any Sustainable Bonds, or in the 24 months prior to any such issuance, in eligible green projects and/or eligible social projects that meet the eligibility criteria defined below.

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