Second Party Opinions
Evaluaciones de alta calidad de los instrumentos de deuda sostenible
We provide issuers and borrowers of sustainable debt instruments with independent opinions on their ESG commitments for Green, Social, Sustainable Bonds and Loans or Sustainability-Linked Bonds and Loans. Our Second Party Opinions (SPOs) allow issuers and borrowers to strengthen the transparency and robustness of their ESG debt frameworks, by providing investors and lenders with an independent expert assessment.
We assess both Use of Proceed and Sustainability-linked debt format by evaluating how the ESG financing frameworks align with ICMA (International Capital Market Association) and LMA (Loan Market Association) sustainability principles. Además de los SPO, llevamos a cabo la certificación de los resultados de los KPI posteriores a la emisión y las verificaciones de la asignación y el impacto.
Todos los tipos de emisores de deuda nos confían la evaluación de sus instrumentos y marcos de deuda:
- Pequeñas, medianas y grandes empresas,
- Soberanos, supranacionales, agencias gubernamentales y empresas estatales
- Instituciones financieras.
La experiencia combinada de imug rating, adquirida en 2023, y EthiFinance nos ha permitido construir un equipo de expertos en sostenibilidad corporativa y finanzas sostenibles con un historial probado de evaluación de instrumentos de deuda sostenibles, su alineación con diferentes principios y estándares de sostenibilidad y su impacto ambiental y social concreto.
Our Sustainable Finance teams are based in our European offices (France, Germany and Spain) and communicate, manage projects and deliver reports in English, French, German, and Spanish. Translation of reports into other languages is also proposed.
Transition Finance Second-Party Opinions
EthiFinance provides independent Second Party Opinions for transition‑labelled bonds and loans, helping issuers demonstrate the credibility and climate impact of their transition strategies. Our three‑pillar methodology assesses issuer readiness, alignment of financed activities with ICMA/LMA transition finance guidance, and their contribution to 1.5°C‑aligned decarbonisation.
Our comply or explain and context‑adapted approach ensures that issuers at any maturity level can access a fair and robust evaluation.
By partnering with EthiFinance, organisations strengthen investor confidence and clearly showcase how their financing supports a credible climate transition.
Find out more about our Climate Transition Second Party Opinion Solution.
Beneficios para los clientes
Amplia base de clientes
Equipo de analistas europeos
Variedad de instrumentos de deuda
Oferta flexible y adaptable
Nuestros clientes aprecian nuestra disponibilidad, flexibilidad y proximidad a sus mercados.
*A partir de mayo de 2024
Nuestras SPOs publicadas
Contacte con nuestros expertos
Metodologías
- Issuer ESG Assessment We evaluate the issuer’s sustainability profile by examining its strategic alignment with sustainability objectives and the strength of its ESG risk management policies. This provides essential context on the issuer’s overall commitment to sustainable practices.
- Alignment with Market Principles We assess the alignment of the financing framework with international standards. For Use of Proceeds Instruments, this includes the ICMA or LMA principles covering Use of Proceeds, Project Evaluation, Proceeds Management, and Reporting. For Sustainability-Linked Instruments, we review KPIs, Sustainability Performance Targets (SPTs), Instrument Characteristics, Reporting, and Verification.
- Expected Impact We assess the potential contribution of the financing instrument to environmental and/or social objectives. For Use of Proceeds Instruments, we examine the materiality and ambition of the projects being financed—looking at how significantly the projects address sustainability challenges, the scale of expected benefits, and their alignment with strategic goals such as climate action, biodiversity protection, or social equity. For Sustainability-Linked Instruments, the focus shifts to the Key Performance Indicators (KPIs) and Sustainability Performance Targets (SPTs). We evaluate whether the selected KPIs represent core, measurable sustainability issues for the issuer and whether the SPTs are ambitious enough to drive genuine performance improvement over time.
