Oxford Properties Group (“Oxford”), a leading global real estate investor, asset manager and business builder today launched its Green Financing Framework (the “Framework”) to finance sustainable investments and expenditures that support and drive the transition to a low carbon economy.
“At Oxford, our purpose is to create economic and social value through real estate and our green financing framework is directly in line with this goal,” said Allison Wolfe, Chief Financial Officer and Global Head of Portfolio Management. “Proceeds from green financing instruments will help decarbonize our buildings and achieve climate change resiliency to protect the future of our assets for our pension members and the communities in which we operate.”
The Framework gives Oxford the ability to issue green financing instruments such as debentures, bonds, loans and mortgages to finance investments and expenditures that have been mapped to the UN’s Sustainable Development Goals and aligned with the International Capital Markets Association (ICMA) 2021 Green Bond Principles as well as the Loan Market Association (LMA) and Loan Syndications and Trading Association’s (LSTA) 2021 Green Loan Principles. Proceeds from the issuance of green financings will be allocated or used for investments and expenditures in the following categories:
- Green buildings
- Renewable energy
- Energy efficiency
- Clean transportation
- Sustainable water and wastewater management
- Pollution prevention and control
- Climate change adaption
Oxford’s green financing framework has been reviewed by Sustainalytics, a leading global provider of ESG research and analytics. Sustainalytics reported that Oxford’s framework is credible and impactful as well as aligned to the ICMA 2021 Green Bond Principles as well as the LMA and LSTA 2021 Green Loan Principles.
Oxford has a long history of being an industry leader in sustainability. For over a decade, it has set public energy, carbon and water usage targets for its managed portfolio and its results are reported on and audited by an independent third party. As of 2021, Oxford has reduced its carbon intensity by 37% from its 2015 benchmark and has already surpassed its stated target of a 30% reduction by 2025. As a result of this performance, for the past three years Oxford has been ranked by Fast Company as one of the world’s most innovative companies for its approach to carbon reduction and corporate social responsibility.
Oxford is committed to ongoing transparency and intends to report on its website on allocation and impact of proceeds from the issuance of green financing instruments. A copy of Oxford’s Green Financing Framework can be downloaded here as well as Sustainayltics’ opinion on Oxford’s Framework.