Market participants
Second-party opinion providers and independent reviewers
Firms that review green, social and sustainability-linked bond frameworks before and after issue.
Background
They include specialist ESG research firms, rating agencies and climate research institutes. For example, CICERO gave India's Sovereign Green Bond Framework a "Medium Green" opinion.
Scope and powers
They issue second-party opinions, verifications and certifications. In India, SEBI requires issuers of listed green and ESG debt to appoint an independent third-party reviewer, and since February 2026 the reviewer must be independent of the issuer, its directors and management.
Investor relevance
The reviewer's scope and method matter more than its headline conclusion. Some only check a framework on paper; others check how the money was spent.
Related guides
Key glossary terms
Last reviewed: October 2026