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Second Party Opinions

Featuring Shades of Green

Second Party Opinions

An S&P Global Ratings Second Party Opinion (SPO) is an independent, point-in-time analysis of a sustainable finance instrument, program, or framework. Our SPOs, backed by the award-winning Shades of Green approach, provide additional transparency to investors that seek to understand and act upon potential contribution to a sustainable future.

Second Party Opinion options include:

  • SPOs for Use of Proceeds Financing: Assesses types of sustainable financing where proceeds are allocated to specific environmental or social projects. We offer three types of Use of Proceeds SPOs: green, social, and sustainability. For green projects, we apply our award-winning Shades of Green assessment which is our qualitative opinion of how consistent environmental activities eligible for financing are with a low-carbon climate resilient future.
  • SPOs for Sustainability-Linked Financing: Assesses a sustainable finance framework or transaction - where the proceeds will be used for general corporate purposes but incorporate measurable, forward-looking key performance indicators which are linked to sustainability objectives targets into the financial and/or structural characteristics of the instrument - for alignment with: ICMA’s Sustainability-Linked Bond Principles, and/or LMA’s Sustainability-Linked Loan Principles.
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Use Cases

With a Second Party Opinion, companies can:


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Public Reports

Browse the library of Second Party Opinions published by S&P Global Ratings across bonds, loans, private placement and project financings.

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Discover essential intelligence

From the impacts of climate change to the opportunities of sustainable development, a unique journey of discovery awaits every forward-thinking company, financial institution, government, and policy maker. Complete the form so we can connect you to the right specialist to support your distinct needs.

  • Footprinting

    Pinpoint and measure important sustainability performance indicators across company operations, supply chain tiers and product life cycles.

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  • Indices

    Our solutions range from core ESG and low-carbon climate approaches to thematic and fixed income strategies.

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  • SDG Evaluation

    Build a complete picture of sustainability risks and opportunities through the universal framework of the United Nations Sustainable Development Goals.

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Why S&P Global?

Accelerate Your Sustainability Journey

Gain unparalleled insight into critical topics like ESG performance, net zero, energy transition, sustainable financing, regulatory compliance and more.

Discover End-to-End Market Perspectives

Leverage intelligence that is tried-and-tested throughout the global value chain, applying deep knowledge of corporate sustainability assessments that scales analytics for asset owners, investment managers and banks.

Connect Your Workflows

Link sustainability data with financial data and market intelligence, and dig deep with screening tools, real time updates, data visualizations and customized dashboards.

Increase Your Productivity

Access data when and how you want it with flexible delivery options that include a leading desktop solution, APIs, data feeds and cloud access, underpinned by robust data linking, AI and machine-learning technologies.

Rely on a Deep Heritage of Innovation

Put 20+ years of experience behind your sustainability strategy, getting ahead of disclosure trends with active corporate engagement and granular data modelling, and delivering enhanced solutions recognized by numerous industry awards.

Enjoy Superior Customer Service

Know you have 24x7x365 backup and specialist assistance from ESG specialists and research analysts across our global offices.