Sustainalytics Corporate Solutions

A New Milestone: Sustainalytics 1000th Second-Party Opinion

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Sustainalytics is proud to announce a major milestone as the leading provider of second-party opinions (SPOs) for green, social, sustainability and KPI-linked bonds and loans. We recently delivered our 1000th SPO, just 19 months since we celebrated our 500th SPO milestone. 

While our first 500 SPOs were delivered over a six-year period, the next 500 SPOs came at a rapid pace as the sustainable finance market skyrocketed, surpassing US$1 trillion in global issuance. To celebrate this achievement, we look back at some noteworthy developments over the past 19 months. 

SPOs by the Numbers

The popularity of thematic bonds (green, social, transition, etc.) is growing rapidly, owing to their ability to pin-point specific sustainability goals. Appealing to businesses and governments alike, thematic bonds can raise capital for new and existing projects that contribute to meeting ESG targets. Green bond issuances have dominated the sustainable finance space as the world moves towards carbon neutrality. However, interest in more flexible bond issuances vis-à-vis KPI-linked instruments (sustainability-linked bonds and loans) is contributing to a more diverse bond market.

SPO Market Growth Overview

In 2021, the highest number of sustainable debt market issuers came from the United States, Spain, France, United Kingdom, and Japan. Since then, Sustainalytics has seen continued growth in the U.S., Japan, and the Netherlands, followed by the U.K., Canada, Germany, and France. The global momentum of sustainable debt finance has also allowed us to quickly expand into China and India.

spos by country

Regional Breakdown


Over the last few years, it has become common to hear that the Americas are two or three years behind Europe with regards to ESG and sustainability-themed financing. However, over...

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Asia Pacific (APAC)

The APAC region is a dynamic part of the world, where each territory represents different opportunities and stages of sustainability, economic development and ESG journey...

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Europe, Middle East and Africa (EMEA)

The green, social, sustainability and sustainability-linked (GSSS) bond market continues to grow steadily in the EMEA region despite...

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What's Next

Over the last 19 months, Sustainalytics’ experience as the leading global provider of SPOs has prepared us well for the expanded volume and increased complexity of projects. Concurrently, our robust innovation agenda has expanded into new territory such as impact reporting, where we see an opportunity to address key gaps in the market.

In this context, we will continue to support forerunning issuers and underwriters to bring credible and impactful sustainable finance instruments to market, embraced by investors worldwide. With expanded capacity and expertise on our SPO team, we are uniquely positioned to meet the demands of this fast-evolving market.

Examples of Our Recent Second-Party Opinions

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