S&P Global Ratings Updates SPO Approach to Provide More Transparency for Sustainable Bond Market

• S&P Global Ratings has updated its analytical approach for use of proceeds Second Party Opinions (SPOs) to provide more transparency to investors in the sustainable bond market.
• The updated approach combines important features of the methodologies of S&P Global Ratings and Shades of Green, a science-based assessment of sustainable finance projects.
• The integrated analysis produces four analytical outputs: alignment assessment, Shade of green, issuer sustainability context, and EU Taxonomy assessment.

S&P Global Ratings has updated its analytical approach for use of proceeds Second Party Opinions (SPOs) following its December 2022 acquisition of Shades of Green from the CICERO climate research foundation. The updated approach combines important features of the methodologies of S&P Global Ratings and Shades of Green, providing additional transparency to investors that seek to understand and act upon potential contribution to a sustainable future.

Lynn Maxwell, Chief Commercial Officer at S&P Global Ratings, comments: “The launch of our revised analytical approach for SPOs, combining the best of S&P Global Ratings and Shades of Green, is an important step as we strive to provide transparency to the growing sustainable bond market, which is expected to reach $900 billion-$1 trillion this year. S&P Global Ratings’ SPOs provide customers and the wider market the benefits of a rigorous, transparent, science-based approach that includes an instantly comprehensible Shades of Green assessment.”

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