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Second Party Opinion Service

A DNV Second Party Opinion (SPO) provides an independent assessment of the accuracy and integrity of a bond, loan or framework that is used for strategic decision making by investors.

As the bond and loan market continues to develop, the complexity of transactions causes challenges for specialist and mainstream asset managers in determining the sustainability credentials of green, social and sustainable products.

Increasingly, investors require an SPO in order to make strategic investment decisions. An SPO provides investors with confidence in the credibility of your framework or transaction and assures the market you are aligned with green, social and other relevant principles and standards.

SPO portfolio of services

Using our DNV Eligibility Assessment Protocol, we are able to offer SPOs against a range of principles and guidance documents, namely:

  • ICMA Green Bond Principles;
  • ICMA Social Bond Principles;
  • ICMA Sustainability Bond Guidelines;
  • LMA Green Loan Principles.

How does it work

Combining leading technical and operational expertise, risk methodology and in-depth industry knowledge, we ensure trust and confidence is achieved.  We have supported pioneering green, social and sustainable frameworks, bonds & loans issuances and contribute to the development of best practice.

Our assessment examines four key aspects of a “Use of proceeds”-type framework, bond or loan:
  • Aspect 1: Use of Proceeds: Are the Use of Proceeds clearly defined with sufficient performance criteria?
  • Aspect 2: Process for Project Selection and Evaluation: Is there a clearly defined and transparent approach to project selection and review?
  • Aspect 3: Management of Proceeds: Are there safeguards in place once the bond or loan is issued to ensure the funds raised will go towards the projects selected?
  • Aspect 4: Reporting: Is there a clear process is place for the reporting of both allocation of proceeds and the environmental and social impact of projects?
For the “Sustainability-linked” type framework, bond or loan, we assess the following:
  • Aspect 1: Selection of Key Performance Indicators (KPIs): Are the KPIs credible and material to your strategy?
  • Aspect 2: Calibration of Sustainability Performance Targets (SPTs): Is the key process of calibration of SPTs per KPI in place and appropriately described? Are SPTs ambitious or business as usual? How was the benchmarking performed? Are SPTs consistent with the your ESG strategy? 
  • Aspect 3: Bond/loan characteristics: How do financial/structural characteristics change depending on whether the selected KPIs and SPTs are reached or not reached? 
  • Aspect 4: Reporting: Is there a clear process is place for the reporting of the KPIs and performance against the sustainability performance targets?
  • Aspect 5: Verification: Is the verification procedure described appropriately as of the principles?  

Our offering

  • Independent and collaborative support throughout the process by your local dedicated SPO team.
  • Technical competence across all sectors combined with sustainability/ESG expertise from our core team.
  • An approach that combines robustness and flexibility to match your specific needs. Our methodology is transparent and aligned with external Principals, guidelines, standards and taxonomies.

The deliverable

An SPO that can be made publicly available to investors and interested stakeholders. The language will be clear and non-technical so as to ensure readers understand what is being stated.


Risk based certification

Demonstrate compliance while building sustainable performance​.


Your added value

Find out more on the digital customer experience.


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