Sustainable Finance


The SPO team delivered some 30 external reviews in the first quarter, including some innovative transactions:

Adani Green Energy Limited
Change Lending

Regarding regulation, the EU Platform on Sustainable Finance presented its final Social Taxonomy Report at the end of February. The initial approach, based on vertical and horizontal dimensions, has been replaced by a more traditional stakeholder-based structure, focused on workers, end-users and communities. The next step in the document’s development will include the definition of “minimum social safeguard” the prioritization of objectives and sub-objectives and the definitions of “substantial contribution” and “do no significant harm” (DNSH) criteria.

Outside Europe, work continues on the Common Ground Taxonomy, an initiative that seeks to more closely align EU and Chinese sustainable finance taxonomies.


  • Environmental Finance Conference  |  April 28

We’re pleased to announce that Federico Pezzolato, EMEA Sustainable Finance Business Manager, ISS Corporate Solutions will be speaking at EF’s ESG in Fixed Income event in London. Register Today

  • Loan Market Association (LMA) Seminar | May 4

Join Federico Pezzolato at the LMA Vienna afternoon seminar for a discussion on Sustainable Finance – The New Era of Responsible Investing. Register Today


  • Sustainability-linked Bonds and Loans: Avoiding Greenwash | Read Now
  • Commentary: Can the EU Green Bond Standard Reshape the Fixed Income Landscape? | Read Now
  • The Common Ground Taxonomy:
    A Path to Global Green Finance Standards? | Read Now


ISS Corporate Solutions is pleased to announce two new hires to its global Sustainable Finance and Lending team.


Benjamin Long joined as the Vice President of the Sustainable Finance and Lending team, where he will lead SPO sales for U.S. issuers. He joins from Notified (Formerly Nasdaq Corporate Solutions) where he was an Enterprise Account Manager Servicing Fortune 500 Investor Relations teams. Prior to this he held client relationship roles at Natixis Asset Managers, J.P. Morgan, and Morgan Stanley.

Ben holds a B.B.A. in Finance from the Herbert School of Business at the University of Miami, and an M.B.A. from the Carroll School of Management at Boston College.


Nikita Lee has been appointed as the Sustainable Finance Business Manager of the Sustainable Finance and Lending team in Asia-Pacific, where she will lead SPO sales for Asia-Pacific issuers. Prior to this appointment, Nikita joined ISS Corporate Solutions as an advisor specializing in corporate governance and ESG advisory projects related to M&A, board structure and shareholder activism. Prior to this, she worked at Bloomberg New Energy Finance and CECEP Environmental Consulting Group (China Energy Conservation Group). As a Green Finance Analyst, she worked with asset management companies in ESG Risk Analysis, Sustainable Investment Strategy and Green Finance Product Development. She was also the Secretariat of the Hong Kong Green Finance Association’s ESG Disclosure and Integration Working Group.

Nikita began her career at BNP Paribas CIB. She holds a MSc in Local Economic Development from the London School of Economics.


As external reviewers, the SPO team have delivered over 430 SPOs according to rigorous and well-respected standards. Below is a summary of our client successes in Q1 2022.

Issuer Sector Type Country Issuance Month
MG Real Estate Real Estate Green Finance Instruments BE Mar-22
EQT AB Asset Management & Brokerage Sustainability-Linked Securities SE Mar-22
Tikehau Capital Asset Managers & Securities Brokerages Sustainable Bond FR Mar-22
Canary Wharf Group Real Estate Green Bond Update Report UK Mar-22
TenneT Holding B.V. Gas and Electricity Network Operators Green Bond NL Mar-22
TenneT Holding B.V. Gas and Electricity Network Operators Green Bond Framework NL Mar-22
Landesbank Baden-Württemberg Public and Regional Banks Green Bond DE Mar-22
Berlin Hyp Mortgage & Public Sector Finance Green Bond DE Mar-22
Deutsche Kreditbank Public & Regional Banks Social Bond DE Mar-22
IGD Group Real Estate Green Finance Instruments IT Mar-22
Unedic Specialised Finance Sector Social Bonds Reporting FR Mar-22
ČEZ Group Electric Utilies Sustainable-Linked Financing Instruments CZ Mar-22
EUSOLAG Renewable Electricity Green Bond DE Mar-22
Holcim Group Construction Materials Sustainability-Linked Securities CH Feb-22
S&P Global Auxiliary Financial Services & Data Sustainability-Linked Bonds US Feb-22
Banca di Cividale Public & Regional Banks Green, Social and Sustainability Debt Instruments IT Feb-22
Biggeorge Property Ltd. Construction Green bonds HU Feb-22
The Co-operative Bank Public & Regional Banks Green, Social and Sustainable Debt Instruments UK Feb-22
Vonovia Real Estate Sustainable Finance Instruments DE Feb-22
Hypo Tirol Bank Public & Regional Banks Social Bonds AT Feb-22
Celsa France Metals Processing & Production Green Bonds FR Feb-22
Achmea B.V. Insurance Green Finance Instruments NL Feb-22
Adani Green Energy Limited Renewable Electricity Green Loan IN Feb-22
Atenor SA Construction Green Finance Framework BE Feb-22
Nordea Commercial Banks & Capital Markets Green Bonds FI Feb-22
DZ HYP Mortgage & Public Sector Finance Green Bonds DE Feb-22
Axpo Holding Electric Utilities Sustainability-Linked Bond Framework CH Jan-22
Home Invest Belgium Real Estate Green Finance Instruments BE Jan-22
NRW.BANK Development Bank Green Bonds DE Jan-22
Change Lending Mortgage and Public Sector Finance Social Financing Instruments US Jan-22
Sonoco Packaging Green Bonds US Jan-22
Raiffeisen Schweiz Genossenschaft Public & Regional Bank Green Bond Framework CH Jan-22
Aargauische Kantonalbank (AKB) Bank Green Bonds CH Jan-22
GCC Construction Materials Sustainability-Linked Instruments MX Jan-22
Zug Estates Holding AG Real Estate Green Finance Instruments CH Jan-22
NRW.BANK Development Bank Social Bonds DE Jan-22

Since 2014, the holistic approach adopted in our SPO reports has included an evaluation of the issuer’s ESG performance, providing context to the issuance subject to our opinion. Leveraging this approach and internal expertise, the issuer evaluation is now enhanced, streamlining the focus on the prevalent ESG factors impacting the issuer’s activity and its link with the sustainable finance framework. This revised approach will be implemented in all new SPOs issued from mid-April 2022.

In parallel, the Use of Proceed categories’ impact on the UN Sustainable Development Goals will also be expanded, providing further details on the impact of products/services-related categories, and of process-related categories. This will allow a clearer focus on assessing the positive impacts of Use of Proceeds categories relating to operational improvement. This approach will also be implemented from mid-April 2022.

*By way of background, ISS Corporate Solutions (ICS) works in collaboration with ISS ESG, the responsible investment arm of Institutional Shareholder Services, as the distributor of SPOs. While the SPOs are sold and distributed by ICS, the analytical work to prepare and issue SPOs is performed by ISS ESG.


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