S&P Global Ratings becomes an Approved External Review Provider under the Climate Bonds Standard

One of the world's largest Credit Rating agencies and SPO providers expands its role in climate-aligned assessments

London, 10 December 2025, 1PM — Climate Bonds Initiative is pleased to announce that S&P Global Ratings has been formally granted the status of Approved External Review Provider under the Climate Bonds Standard and Certification Scheme. This approval authorises S&P Global Ratings to conduct external reviews for Use of Proceeds Certification worldwide, covering all Sectors Criteria. 

S&P Global Ratings has long provided second-party opinions (SPOs), post-issuance reviews and Climate Transition Assessments for issuers globally.   

The company offers assessments against the ICMA principles, the European Green Bond Regulation as well as various regional taxonomies, grounded in its Shades of Green approach. It will now expand its services to include Climate Bonds Certification. 

With its extensive credit risk experience, sustainable finance capabilities, and grounding in climate and environmental science, S&P Global Ratings is positioned to deliver independent, high-quality professional assessments that meet the transparency and rigor demanded by investors and lenders worldwide.  

Sean Kidney, CEO and Co-Founder of Climate Bonds Initiative, said: 

“S&P Global Ratings' approval marks a major milestone for the rapid scaling of credible climate finance. Their extensive analytical expertise, global footprint, and market-leading SPO practice will help accelerate the transition toward science-aligned investment. As demand for high-integrity sustainable finance continues to grow, the involvement of a player of this calibre sends a powerful signal: the world is moving decisively toward robust, transparent climate-aligned capital markets.” 

Lynn Maxwell, Chief Commercial Officer, S&P Global Ratings, added:  

“We’re proud to become an approved external reviewer under the CBI’s Climate Bond Standard, a move that deepens our commitment to providing sustainable finance opinions. Our SPOs, which now can offer Climate Bonds Certification, are grounded in the Shades of Green approach, enhance transparency and help mobilize capital towards impactful, climate-aligned projects." 

S&P Global Ratings’ approval as an External Review Provider demonstrates the growing interest in the Climate Bonds Certification scheme as a highly reputable, globally recognised and science-based framework. The added credibility and visibility offered by the Certification process and science-based Sector Criteria is a highly trusted pathway to secure independent external review, strengthening reliability and facilitating the mobilisation of capital towards low-carbon and climate-resilient assets. 

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For interviews and more information, please contact: 

Leticia Braga 

Communications Specialist, Climate Bonds Initiative 

leticia.braga@climatebonds.net 

Arnaud Humblot 

Communications Director, S&P Global Ratings 

M: +44 (0)7817 126 628 

Arnaud.humblot@spglobal.com 

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, Certification, data and insights, and provision of expert policy and technical advice. More information is available at www.climatebonds.net. 

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.  

About S&P Global Ratings: At S&P Global Ratings, our analyst-driven credit ratings, research, and sustainable finance opinions provide critical insights that are essential to translating complexity into clarity so market participants can uncover opportunities and make decisions with conviction.  By bringing transparency to the market through high-quality independent opinions on creditworthiness, we enable growth across a wide variety of organizations, including businesses, governments, and institutions. 

S&P Global Ratings is a division of S&P Global (NYSE: SPGI). S&P Global enables businesses, governments, and individuals with data, experience and technology to make decisions with conviction. We are Advancing Essential Intelligence through world-leading benchmarks, data, and insights that customers need in order to plan confidently, act decisively, and thrive economically in a rapidly changing global landscape. For more information, visit www.spglobal.com/ratings.