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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 & weaknesses
  • 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 in the first half of 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 in the first half of 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




“The Green Evaluation process was very transparent and characterized by mutual understanding of the relevant topics. We had full confidence in S&P’s ability to assess the green assets which formed part of the transaction. The Green Evaluation helped us to successfully place the bond with a wide variety of investors, especially those who are particularly looking for sustainable investments."

Markus Stachel, Group Head Investor Relations, DZ BANK


Green Transaction Evaluations Explained

Methodology for Mitigation Projects


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