Sustainable Finance

Essential Insight for the Sustainable Development Market

The sustainability of cities and regions across the world is critical to economic growth and social well-being. As such, securing the funding needed to support the sustainable development —currently in the tens of trillions of dollars—is a key issue for governments and policymakers. Environmental, social and governance (ESG) issues are also factoring heavily into investment decisions.

S&P Global Ratings research shows that institutional investors have a collective demand for sustainable and responsible debt. Our global Sustainable Finance team of dedicated analysts operating out of 24 offices has the extensive expertise needed to evaluate the broad array of asset types and ownership structures, as well as the financing techniques utilized to fund sustainable infrastructure and other assets. This page is intended to help market participants navigate through the broad array of Sustainability services and research from S&P Global Ratings.

Meet the Team

How the S&P Global Ratings Sustainable Finance team fits into the wider organization:

Leadership Team & Steering Group Members:

Susan Gray
Global Head of Corporate & Infrastructure Ratings

- 20 years’ experience in investment banking, focused on infrastructure

- Advised the Australian federal government on trade, industry and labor policy issues

- Member of the IIF’s Green Finance and Infrastructure Working Groups

Hans Wright
Managing Director, Head of Analytical Innovation
Global Ratings Services

- BSc Management Sciences, ACT

- Analytical & operational leadership with background in Financial Services and Lean

Michael Wilkins
Managing Director, Head of Sustainable Finance
Corporates & Infrastructure

- MBA, qualification in carbon markets & analytics

- 24 years experience within infrastructure ratings




Kurt Forsgren
Managing Director, Head of Sustainable Finance


- 25 years experience in the public finance ratings team

Nicole Martin
Senior Director, Sustainable Finance
Corporates & Infrastructure

- M. Eng

- Energy sector and utility expert with 15 years experience at S&P Global Ratings

Ron Charbon
Managing Director, Sustainable Finance
Corporates & Infrastructure


- A wealth of industrial corporate expertise




Senior Team & Steering Group Members:

Mike Ferguson
Director, Sustainable Finance
Corporates & Infrastructure

- Senior energy analyst with extensive knowledge of the U.S. power sector

Miroslav Petkov
Director, Sustainable Finance
Financial Services

- Senior insurance analyst with extensive adaptation and physical risk expertise

Imre Guba
Director, Sustainable Finance
Accounting Specialist
Corporates & Infrastructure

- Senior insurance analyst with extensive adaptation and physical risk expertise




Team Members:

Corinne Bendersky*
Associate Director, Sustainable Finance
Corporates & Infrastructure

- Master of Public Policy, B.Sc. Environmental Studies

Jessica Williams*
Analyst, Sustainable Finance
Corporates & Infrastructure

- M.Sc. Environmental Technology, B.Sc. Biology

Noemie De La Gorce*
Analyst, Sustainable Finance
Corporates & Infrastructure

- B.A. Economics




Beth Burks*
Associate, Sustainable Finance
Corporates & Infrastructure

- B.Sc. Mathematics

Tommy Englerth
Senior Research Assistant, Sustainable Finance
Financial Services

- B.A. International Business






*Also Members of Steering Group

Our focus areas include:

ESG Research

ESG and Green finance is moving into the mainstream. Investors are increasingly diversifying their portfolios away from climate risk – and ramping up capital allocations in low-carbon assets.

S&P Global Ratings is in a unique and unrivalled position to deliver key insights into the current green finance market. Recent reports have considered the growth of offshore wind power generation, the green bond market in the US and France respectively, and the funding of national climate pledges.

Read Our ESG & Sustainable Finance Research Here >

Green Evaluations

An S&P Global Ratings Green Evaluation is an asset-level environmental credential which builds upon today’s existing frameworks of governance and transparency (e.g. Green Bond Principles) and considers approaches for climate resilience and environmental impact. The Green Evaluation, which aims to provide investors with a more comprehensive picture of the green impact and climate risk attributes of their portfolios, can be applied to any type of financing, in part or in full. These attributes put S&P Global Ratings in a unique and unrivalled position to help drive transparency and restore supply/demand equilibrium in today’s fragmented green marketplace.

Learn More About S&P Global Ratings' Green Evaluations >

ESG in Credit Ratings

Environmental, social and governance (ESG) risks, when disclosed and material, are factored into the financial forecasts that are the foundation of our ratings. ESG risks can affect the capacity and willingness of an entity to meet its financial commitments in many ways. We incorporate ESG factors into our rating methodology enabling our analysts to factor short-, medium- and long-term potential consequences – both qualitative and financial – into various levels of their credit analysis of an issuer.

Learn more about how we assess ESG in credit ratings >

"Companies have a significant role in mitigating and adapting to climate change."

Michael Wilkins, Head of Sustainable Finance, S&P Global Ratings