Green Finance/SPO Providers

Second-Party Opinion (SPO) Providers

A Second-Party Opinion is an independent assessment of a green, social, sustainability, or sustainability-linked financing framework against recognised market principles — such as the ICMA Green Bond Principles or the Green Loan Principles. Getting an SPO is a key credibility step before taking a green bond or green loan to market. Below is a directory of recognised SPO providers, both global and India-focused.

Note: in India, entities offering ESG ratings and second-party opinions on debt instruments may also be registered with SEBI as an ESG Rating Provider (ERP) — this carries additional regulatory weight for official disclosures.
01

Global SPO Providers

International rating agencies and ESG research firms offering pre- and post-issuance SPOs recognised across major exchanges.

Provides climate and ESG data that creates transparency around company commitments and actions, delivers reporting capabilities that help ensure compliance with evolving regulations, and partners with issuers to bring investor-aligned sustainable bonds to market.

Global Visit site

Reviews financing frameworks against ICMA principles and can provide supplementary opinions aligned with the Climate Transition Finance Handbook.

Global Visit site

A full-service provider of sustainable financing opinions across both pre-issuance and post-issuance stages.

Global Visit site

Provides Second-Party Opinions for Green, Social, Sustainability, and Sustainability-Linked / Transition Bonds, benchmarked against ICMA and other international standards.

Global Visit site
02

India-Focused SPO Providers

Domestic ESG rating agencies with dedicated capability for Indian issuers and frameworks; several also hold SEBI registration as ESG Rating Providers (ERPs).

An Indian SPO provider launched specifically for ESG debt frameworks. Strong for Indian issuers, with capability that is actively expanding.

A SEBI-approved ESG Rating Provider (ERP) offering comprehensive ESG ratings across listed companies and funds.

SEBI-approved ERP Visit site

CRISIL

CR

A SEBI-approved ESG Rating Provider (ERP), giving its ratings significant regulatory weight for official disclosures.

SEBI-approved ERP Visit site
Disclaimer: the information on this page has been compiled from third-party sources and is intended for general information only. It is not intended to be, and should not be relied upon as, legal, financial, investment, tax, regulatory, business or other professional advice. Coal Controller of India is not responsible for the accuracy, reliability, currency or completeness of this information and does not warrant that it is accurate, suitable or complete; neither CCI, its employees, representatives, nor its members bear any liability arising from or relating to its use. Inclusion in this directory is not an endorsement of any provider.