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Sustainalytics Corporate Solutions

Sustainalytics is the Largest Second-Party Opinion provider, completing over 1000 report

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Morningstar Sustainalytics is proud to be recognized as the leading provider of second-party opinions (SPOs) for green, social and sustainability bonds and loans. In our company’s history, we have delivered over 1000 SPOs, completing our first report in 2014, our 500th in October 2020, and reaching our 1000th SPO milestone in April 2022, only 19 months later.

Last year was a challenging time for both the fixed income and sustainable bond markets. However, it is promising to see that the sustainable bond market was able to strengthen its share of global bond market to over 13.5%, an increase from the 12% in 2021, according to Environmental Finance report. According to Climate Bonds Initiative (CBI), over US$2 trillion in green bonds have been issued to date with sustainable bond labels .

What's Next

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 world-renowned leadership in SPOs, we are uniquely positioned to meet the demands of this ever-changing market.

SPOs by the Numbers

Thematic bonds (green, social, transition, etc.) continue to grow, owing to their ability to pin-point specific sustainability goals and 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 via KPI-linked instruments (sustainability-linked bonds and loans) is contributing to a more diverse bond market.

SPO Market Growth Overview

In 2022, the largest issuing countries in the green bond market were the United States, Germany, France, Netherlands, and China. Sustainalytics has seen continual growth in the U.S., Japan, and the Netherlands, followed by the U.K., Canada, Germany, and France.

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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Recent Awards Won

Examples of Our Recent Second-Party Opinions

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