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.
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.
Reviews financing frameworks against ICMA principles and can provide supplementary opinions aligned with the Climate Transition Finance Handbook.
A full-service provider of sustainable financing opinions across both pre-issuance and post-issuance stages.
Provides Second-Party Opinions for Green, Social, Sustainability, and Sustainability-Linked / Transition Bonds, benchmarked against ICMA and other international standards.
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.
A SEBI-approved ESG Rating Provider (ERP), giving its ratings significant regulatory weight for official disclosures.