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Essential Intelligence: Assessments

Green Evaluations

S&P Global Ratings Green Evaluation

An S&P Global Ratings Green Evaluation is an asset-level environmental credential which aims to provide investors with a more comprehensive picture of the green impact and climate risk attributes of their portfolios.

Our independent and data-driven evaluation analyzes and estimates a project or initiative’s environmental impact and/or resilience level, including:
  • Green Buildings
  • Green Energy
  • Green Transport
  • Energy Efficiency
  • Water
  • Fossil Fuel Power Plants (decreased carbon intensity of conventional energy production)
  • Nuclear

Green issuance and investment is on a firm upward trajectory, propelled by the 2015 Paris Climate Agreement, and the impetus it created to finance $1 trillion a year in investments for renewable energy and other initiatives to limit global warming.

At the same time, long-term investors are also recognizing the threat from greenhouse gases and have begun to diversify portfolios away from carbon-based investment. The final push is coming from corporations as they start to contend with the consequences of increasingly extreme and violent weather and flooding. Many are starting to see that managing environmental exposure may be more than risk management; it may be good for business.

Green Evaluation Analytical Approach

FAQ: S&P Global Ratings' Analytical Approach In Evaluating Green Transactions


Benefits for Issuers
  • Diversify your investor base
  • Potential to enjoy long term pricing advantages
  • Internally benchmark your green performance Y-O-Y
  • Send a strong, pro-active message to stakeholders
  • Appeal to millennials as employees and customers

Benefits for Investors
  • Meet your clients’ needs/requests and satisfy your green mandates
  • Balance risk-adjusted financial returns with sustainability benefits
  • Reduce time to evaluate a complex and growing investment type

So how green or resilient are your financing initiatives?

S&P Global Ratings Green Evaluation

  • We provide Second Party Opinion as defined by the Climate Bond Initiative.
  • We can provide a second opinion confirming that an issuer’s green bonds are aligned with the key features of the Green Bond Principles (GBP) 2017 in our Green Evaluation reports
  • We are not limited to issuer self-labeled green bonds. We can also evaluate unlabeled bonds, equity transactions, bank loans, private placements, project finance debt, hybrids, portfolios, asset-backed securities, and other financial transaction types.
  • Our Green Evaluation can be applied at pre- and post- issuance stage and on a confidential or public basis.
  • Our environmental performance data and analysis is provided by Trucost who have been helping investors calibrate their buy-side reporting for ESG since 2000.
  • We have been a long-standing source of benchmarks and other insights to assist institutional investors with their decision-making, which makes us a leading choice for issuers and intermediaries.
  • We go beyond other External Reviewers to provide a relative green impact score which considers variables such as sector, technology, location of the assets, and funding allocation.
  • We also consider a variety of environmental key performance indicators (eKPIs), such as carbon, water, and waste.
  • Limited administrative burden on issuer - our analytical process is purposefully ‘light touch’ (majority of information we can obtain from website and prospectus)
    1. GE and credit rating can be done at same time and often by same team
    2. Quicker procurement process if company is already rated by us
    3. No surveillance required – we provide a point-in-time score
  • Our final score is provided on a scale of 0-100 and then mapped to a scale of E1-E4 or R1-R4 based on quartiles. This level of granularity makes it easy for investors to compare and benchmark individual investments within their portfolio.
  • Through our extensive outreach and well-established relationships with market participants we are in a unique position to provide research and insights in this rapidly evolving marketplace.

Green Evaluation: ACS Servicios Comunicaciones y Energía S.L. €750 Million Green Notes, November 15, 2019

Green Evaluation: MPT FINCO Inc.'s Senior Secured Notes, October 29, 2019

Green Evaluation: Portland, Maine General Airport Refunding Revenue Bonds, Series 2019, November 8, 2019

Green Evaluation: Fortini Investments S.A.'s €130.1 Million Project Bond, November 6, 2019

Green Evaluation: Mobilinx Hurontario General Partnership Proposed C$262.8 Mil Senior Secured Bonds, C$487.3 Mil Senior Credit Facility, October 11, 2019


Green Evaluation: Ygrene Energy Fund Inc.'s GoodGreen Series 2019-2 Notes

Green Evaluation: Adani Green Energy Ltd. Restricted Group 2 Proposed US$362.5 Million Green Bonds

€61.2 Million Greenalia Wind Power Eolo Senior And €22 Million Greenalia Wind Power Eolo Project Loans, Sep. 24, 2019

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Learn More About Green Evaluations

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  • Green Evaluations Brochure

Learn more about S&P Global Ratings Green Evaluations

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