Sustainable Finance Spotlight
March 2026
S&P Global Ratings' Sustainable Finance Spotlight showcases its sustainable finance products and Shades of Green analytical approach. These include our second party opinions, climate transition assessments, and post-issuance reviews.
This report showcases publications that underpin or exemplify S&P Global Ratings’ sustainable finance products. Our Behind the Shades series, for example, explains how we apply our Shades of Green analytical approach to assess adaptation and resilience projects in those products. Our sustainable finance products are separate and distinct from credit ratings, do not assess credit quality, and do not factor into credit ratings.
Our Second Party Opinions assess financing against a broad range of market standards. We also provide Climate Transition Assessments at the entity level and Post-Issuance Reviews for labelled financing. Across our offerings, we assign a shade of green to environmental projects and activities, reflecting our qualitative opinion of how consistent those activities are with the goals of the Paris Agreement on climate change.
Recent additions to our analytical approaches for our sustainable finance product suite include:
Global transition labels, European Green Bonds, the Climate Bonds Standard, Amazonia Bonds, Blue Finance, taxonomies in Asia-Pacific and Latin America; as well as
Green equity designations for stock exchanges in the Nordics, Switzerland, and Brazil.
Patrice CochelinManaging DirectorSustainability Methodology & Research,S&P Global Ratings
Data as of Dec. 31, 2025. *Includes legacy Sustainability-Linked SPOs. Notes: Numbers include alignment to principles and conceptual alignment SPOs, and private and confidential SPOs and CTAs. Legacy refers to work completed before our integrated use-of-proceeds SPO approach published on July 27, 2023. CTA--Climate Transition Assessment. PIR--Post Issuance Reviews. SPO--Second Party Opinion. Source: S&P Global Ratings.
Data for Q4 2025. Source: S&P Global Ratings.
Real EstateExplore »
TransportationExplore »
PowerExplore »
Adaptation and resilienceExplore »
Nature and biodiversityExplore »
Source: S&P Global Ratings.
UtilitiesExplore »
AirlinesExplore »
ShippingExplore »
Patrice CochelinSustainability Methodology and Research Parispatrice.cochelin@spglobal.com
Michael T Ferguson Sustainable Finance Analytical Manager, Americas New York michael.ferguson@spglobal.com
Florence Devevey Sustainable Finance Analytical Manager, EMEA Paris florence.devevey@spglobal.com
Bertrand Jabouley Sustainable Finance Analytical Manager, APAC Singapore bertrand.jabouley@spglobal.com
Christa Clapp Shades of Green Global Head of Sustainable Finance Market Analytics christa.clapp@spglobal.com
Harald Lund Shades of Green Global Head of Sustainability Methodology and Research harald.lund@spglobal.com
Bernard De Longevialle Global Head of Sustainable Finance Practice Paris bernard.delongvialle@spglobal.com
Carina WaagSustainability Methodology and ResearchOslocarina.waag@spglobal.com
Bruno MassingaLondon bruno.massinga@spglobal.com
Arnaud Humblot London arnaud.humblot@spglobal.com
