Second-party opinion (SPO)

    ESG & Governance

    An independent assessment, issued before a bond is sold, of whether the issuer's green, social or sustainability-linked framework is aligned with recognised principles.

    An SPO reviews the framework's eligible projects or KPIs, its selection process, its management of proceeds and its reporting promises. Some SPO providers also grade how green the framework is. For example, CICERO rated India's Sovereign Green Bond Framework "Medium Green". An SPO checks the framework on paper; it does not confirm how the money was later spent.

    Related terms

    Independent third-party reviewer or certifierICMA Green Bond Principles (GBP)Climate Bonds Standard

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    From the research

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