Second Party Opinion service

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 

Technical approach

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 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?

What to expect

  • 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.


Climate Risk

Identify, manage and disclose climate risks & opportunities to financial performance.


Corporate Governance Assessment

Through our governance expertise and investor insight, we help companies understand and manage their risk exposure.


Environmental, Social and Governance (ESG) Due Diligence

Adding value to acquisitions through ESG assessments.