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Sustainable Finance External Reviews & Opinions

Learn more about S&P Global Ratings External Reviews & Opinions

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External Reviews & Opinions

Total issuance of sustainable debt has surpassed $1 trillion and is on a firm upward trajectory. Green issuance and investment have been propelled by the 2015 Paris Climate Agreement and the impetus it created to finance a wide range of initiatives to limit global warming. Meanwhile, COVID-19 has shone a glaring light on the plethora of social issues that a company can face in a matter of months. The unprecedented disruptions have accelerated the sector’s growth as investors prioritize sustainable business models that can withstand market shocks.

S&P Global Ratings provides a variety of External Review & Opinion options to help companies provide investors and regulators with greater insight into how their investments will impact and align with global climate and sustainability goals.


  • What is a Framework Alignment Opinion?
  • What do Framework Alignment Opinions include?
  • Why companies get a Framework Alignment Opinion

What is a Framework Alignment Opinion?

A Framework Alignment Opinion is a point in time Second Party Opinion on the alignment of an issuer's green/social/sustainability framework with the Green Bond/Loan Principles, Social Bond Principles or Sustainability Bond Guidelines.
Download an example of our Framework Alignment Opinion Report:

                  

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What do Framework Alignment Opinions include?

Green, Social and Sustainability Framework Alignment Opinions include:

    • Framework Overview
    • Principles Opinion on:
      • Use of Proceeds
      • Process for Project Evaluation & Selection
      • Management of Proceeds
      • Reporting
    • Issuer Sustainability Objectives
    • Mapping to the UN Sustainable Development Goals
    • Additional Features of the Framework
      • Strengths & weaknessnes
  • Conclusion Statement of Alignment
Why companies get a Framework Alignment Opinion

With an S&P Global Ratings Framework Alignment Opinion, companies can provide their investors with:

    • An independent view on the extent of their framework's alignment with green, social, sustainability market principles
    • A description of their framework's additional features that go beyond the principles' requirements
    • A mapping of use of proceeds to the UN Sustainable Development Goals


"At S&P Global, we can't change the world overnight. But we can take action to affect change."

Doug Peterson, President & CEO, S&P Global



  • What is a Transaction Evaluation?
  • What do Transaction Evaluations include?
  • Why companies get a Transaction Evaluation

What is a Transaction Evaluation?

A Transaction Evaluation provides a point in time quantitative opinion on the net environmental/social*/sustainability* benefit generated by the activities/projects financed by the transaction. We can also provide an optional alignment opinion with the green/social/sustainability market standards outlined above.

*Anticipated to be available by February 2021.

What do Transaction Evaluations include?

Transaction Evaluation options include:

    • Green Transaction Evaluation - provides a point in time quantitative opinion on the net environmental benefit generated by the activities/projects financed by the transaction. We can also provide an optional alignment opinion with the Green Bond Principles or Green Loan Principles.


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      • Social Transaction Evaluation* - provides a point in time quantitative opinion on the net social benefit generated by the activities/projects financed by the transaction. We can also provide an optional alignment opinion with the Social Bond Principles.
      • Sustainability Transaction Evaluation* (Green + Social) - if a company is issuing a bond, loan or other transaction that blends both social and environmental impacts, we can provide a net benefit assessment addressing both and an optional alignment opinion with the Sustainability Bond Guidelines.

*Anticipated to be available by February 2021.

Why companies get a Transaction Evaluation

Companies can utilize their score and accompanying report to:

    • Clearly articulate the net environmental and/or social* benefit of a transaction 
    • Help investors easily compare and benchmark the impact against other sustainable financings
    • Tell the story of how they are committed to a more sustainable future
    • Meet expectations of investors and regional regulatory standards
    • Increase transparency with additional analysis and rationale of key strengths and weaknesses 
    • Differentiate themselves from their peers by going beyond the standard external review
VIEW ALL PUBLIC GREEN TRANSACTION EVALUATION REPORTS




"Climate change is the single greatest threat to a sustainable future but, at the same time, addressing the climate challenge presents a golden opportunity to promote prosperity, security and a brighter future for all."

Ban Ki-Moon, Secretary General Of The United Nations


Green Transaction Evaluations Explained

Methodology for Mitigation Projects


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