Sustainable Finance


According to the Climate Bonds Initiative, the total volumes for Green, Social, Sustainability, and Sustainability-linked (GSSS) bonds reached USD 496.1bn in the first half of 2021, representing 59% year-on-year growth from the equivalent period in 2020, and this trend seems to have continued in the third quarter of 2021.

However, the success of the market should not compromise its integrity, as as ING and Natixis remind us. In this endeavor, ISS ESG’s Second Party Opinion (SPO) Services provide issuers with a credible and independent assessment of the sustainability quality of their bonds*. Those that meet ISS ESG’s rigorous global standards give sustainability-oriented investors security that the projects they fund are suitably sustainable. To name a recent few, SMI Group and Deutsche Telekom published their sustainability-linked frameworks focused respectively on circular economy KPIs and GHG emissions reduction. Republic of Serbia added its name to the list of sovereign issuers financing green projects to mitigate climate change effects. As ever, we are proud of our clients’ successes, and invite you to see a summary of SPOs delivered in Q3 2021 in the full list below.


As expected, sustainable finance regulatory  institutions were active too. The EU Platform on Sustainable Finance published two draft reports about an extension of the current green taxonomy to significantly harmful (SH) and no significant impact (NSI) activities and a social taxonomy proposal, which has already spurred considerable debate amongst market players.

*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.



Join ISS Corporate Solutions for critical discussions this month in a series of events with great leaders in the Sustainable Finance space.

As external reviewers, ISS ESG has delivered over 350 SPOs according to rigorous and well-respected standards. Below is a summary of our client successes in Q3 2021.

Key: UoP (Use of Proceed), SLB (Sustainability-Linked Bond), GHG emissions (Greenhouse Gas emissions), Sox emissions (Sulfur Oxide emissions), CSP (Concentrated Solar Power), Solar P.V. (Solar photovoltaic)

Issuer Region Sector Issuance Month Type of Bond
Prodigy Finance Specialized Finance Social Bond UK Jul-21
Banco BPM Bank Sustainability Bond IT Jul-21
SMI Group Packaging Sustainability-Linked Bond PE Jul-21
Deutsche Telekom AG Telecommunications Sustainability-Linked Bond DE Jul-21
De Volksbank Bank CBI verification NL Jul-21
NRW.Bank Public & Regional Banks Green Bond DE Jul-21
Evonik Chemicals Green Bond DE Jul-21
Equitable Holdings, Inc. Financial Services Sustainability Bond US Jul-21
Royalty Pharma plc Bio-pharmaceutical Social Bond US Jul-21
Bancomext Bank Sustainability Bond MX Jul-21
SNCF Transport CBI verification FR Jul-21
Allied Irish Bank Bank Social Bond IE Jul-21
National Grid Utilities Green Bond UK Jul-21
Encavis Utilities CBI verification DE Jul-21
EnBW Utilities CBI verification DE Aug-21
SpareBank 1 Nord-Norge (SNN) Bank Green Bond NO Aug-21
Primeo Holding Utilities Green Bond CH Aug-21
Gasnet Gas and Electricity Network Operators Green Finance Instruments CZ Aug-21
Kantonsspital Winterthur Healthcare Green Bond CH Aug-21
Allgemeine Baugenossenschaft Zürich (ABZ) Real Estate Sustainability Bond CH Aug-21
Nord/LB Bank Green Bond DE Aug-21
Oberösterreichische Landesbank AG (HYPO Oberösterreich) Bank Green Bond AT Aug-21
Mondelēz International, Inc. Food Products Green Bond US Aug-21
Allbirds Textiles & Apparel Sustainable Public Equity Offering US Aug-21
Republic of Serbia Sovereign Green Bond RS Sep-21
Smurfit Kappa Group Packaging Green Finance Instruments IE Sep-21
Sociedad Química y Minera de Chile Chemicals Green Bond CL Sep-21
Itelyum Waste recycling Sustainability-Linked Bond IT Sep-21
Région Auvergne-Rhône-Alpes Local Authority Sustainability Bond FR Sep-21
Odd Molly International AB Real Estate Green Bond SE Sep-21
auxmoney Financial Services Social Bond DE Sep-21
Y-Säätiö Real Estate Sustainability Bond FI Sep-21
General Mills, Inc. Food Products Sustainability-Linked Bond US Sep-21
N.V. Nederlandse Gasunie Oil and Gas Sustainability-Linked Bond NL Sep-21
Cassa Depositi e Prestiti Bank Post-issuance Impact Report IT Sep-21
Codic Real Estate Green Bond BE Sep-21
Modulaire Group Commercial Support Services Sustainability-Linked Bond UK Sep-21

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