Moody's Ratings becomes an approved External Review Provider under the Climate Bonds Standard

Approval expands issuer access to independent assessments for Climate Bonds Certification

Key highlights

• Moody's Ratings has been approved as an External Review Provider under the Climate Bonds Standard and Certification Scheme.
• Issuers obtaining a Moody's Ratings Second Party Opinion (SPO) may now also obtain a supplementary opinion of alignment with the Climate Bonds Standard as an additional benefit.
• The approval covers Certification of Use of Proceeds and Sustainability-Linked Debt instruments under the Climate Bonds Standard.
• The addition of Moody's Ratings to the Climate Bonds external review provider network further strengthens the geographical and sectoral outreach of the Climate Bonds Certification Scheme.
   

London, 16 July 2026, 9am – Climate Bonds Initiative is pleased to announce that Moody's Ratings has been approved as an External Review Provider under the Climate Bonds Standard and Certification Scheme. The approval covers both Use of Proceeds and Sustainability-Linked Debt products under Climate Bonds Standard v4.3.

The approval enables issuers who obtain a SPO from Moody’s Ratings to also obtain a supplementary opinion of alignment with the requirements of the Climate Bonds Standard.

External Review Providers play a key role in the Certification process by providing independent assessments that support transparency and market confidence. Their work is fundamental in maintaining the integrity of the Climate Bonds Standard by assessing alignment with recognised market practices and climate objectives.

For Use of Proceeds Certification, Moody's Ratings’ assessments may support both:

• Pre-issuance reviews, assessing whether the issuer's intended use of proceeds aligns with Climate Bonds Standard criteria before issuance; and
• Post-issuance reviews, confirming that proceeds have been allocated in accordance with the issuer’s pre-issuance commitments and that reporting commitments are being met.

For Sustainability-Linked Debt, Moody's Ratings applies a forward-looking, entity-level assessment framework in line with the Sustainability-Linked Debt requirements of the Climate Bonds Standard.

Marina Strovolidou, Head of Certification at Climate Bonds Initiative, said:

"High-quality external reviews are fundamental to maintaining credibility and investor confidence in the sustainable debt markets. We are very pleased to welcome Moody's Ratings to our global networks of Climate Bonds Approved Verifiers and External Review Providers. Issuers are now provided with a greater choice of sustainable finance frameworks to adopt, while maintaining the high standards of transparency and market integrity that underpin both Moody’s Ratings’ Second Party Opinions and Climate Bonds Certification."

Simon Hastilow, Managing Director, Chief Commercial Officer at Moody’s Ratings, commented:

“We are pleased to become a CBI-approved External Review Provider, reinforcing our commitment to supporting the sustainable finance industry. The Climate Bonds Standard is a leading benchmark for climate-aligned financing, and our Second Party Opinions (SPO) can now help inform Climate Bonds Certification, providing the market with independent, transparent assessments underpinned by Moody’s Ratings established SPO framework, and sustainable finance expertise.”

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For interviews and more information, please contact: 

Leticia Braga 

Communications Specialist, Climate Bonds Initiative 

leticia.braga@climatebonds.net 

Notes for journalists:

About Climate Bonds Initiative: Climate Bonds is the leading international non-governmental organisation mobilising global capital for climate action. We drive the growth of the green and sustainable debt market through science-aligned frameworks including our taxonomies and standards, our Certification, our data and insights, and our provision of expert policy and technical advice. More information on our website here.

About Climate Bonds Standard: The Climate Bonds Standard is a multi-sector, science-based framework that allows investors and intermediaries to assess the climate credentials and environmental integrity of bonds and other sustainable finance products. Version 4.3 covers Use of Proceeds, Asset, Entity, and Sustainability-Linked Debt Certification products. More information here.