{"id":20693,"date":"2026-08-18T10:04:36","date_gmt":"2026-08-18T01:04:36","guid":{"rendered":"https:\/\/codo.jp\/codostaging01\/?page_id=20693"},"modified":"2026-09-01T13:53:59","modified_gmt":"2026-09-01T04:53:59","slug":"second-party-opinions-en","status":"publish","type":"page","link":"https:\/\/codo.jp\/en\/second-party-opinions-en\/","title":{"rendered":"Second Party Opinions (SPO)"},"content":{"rendered":"\n
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SECOND PARTY OPINION<\/h1>\n<\/div><\/div>\n\n\n\n
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Investor trust depends on SPO.<\/h1>\n\n\n\n

The market for green finance \u2014 spanning green bonds, sustainability-linked bonds, and beyond \u2014 has grown at a remarkable pace as the world steps up its response to climate change and the push for a more sustainable economy. But with that growth comes greater scrutiny. Investors are asking harder questions about what truly qualifies as “green,” and issuers are under real pressure to demonstrate transparency and credibility. As an independent body authorized to provide Second Party Opinions (SPO) in green finance, we offer rigorous, evidence-based assessments that issuers and investors alike can rely on.<\/p>\n\n\n\n

About this service<\/h2>\n\n\n\n

A Second Party Opinion (SPO) is an independent assessment issued by a qualified third party, evaluating whether an issuer’s green bond or sustainability-linked bond framework aligns with internationally recognized principles and standards \u2014 including the ICMA Green Bond Principles, Social Bond Principles, and Sustainability-Linked Bond Principles. The result is a formal opinion letter that gives both issuers and investors confidence in the integrity of the framework.<\/p>\n\n\n\n

What We Offer:<\/strong>
Alignment assessment for green, social, and sustainability bond frameworks
Review of KPI selection and Sustainability Performance Target (SPT) appropriateness for sustainability-linked bonds (SLBs)
Coverage of green loans and sustainability-linked loans
Verification of compliance with domestic and international standards and principles
Issuance of a formal assessment report (opinion letter)<\/p>\n\n\n\n

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Our Proprietary Evaluation Framework <\/h3>\n\n\n\n

In addition to evaluations that comply with international and domestic standards (ICMA, METI, the Ministry of the Environment, etc.), we assess the impact of financing use against the more widely recognized SDG goals and targets.<\/p>\n\n\n\n

We grasp the logic behind the validity of financing use, and as environmental specialists, provide assessments and insights that are clear and visually accessible.<\/p>\n<\/div>\n\n\n\n

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\"SPO<\/figure>\n<\/div>\n<\/div>\n\n\n\n
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<\/th>Domestic SPO Provider A<\/th>Codo Advisory<\/th><\/tr><\/thead>
Evaluation<\/strong><\/td>– Primarily qualitative descriptions, with minimal opinion or assessment which raises questions about objectivity and reliability
– Evaluation criteria in the SPO are vague and lack a standard template, heavily dependent on the issuer’s individual circumstances
– Lack of consistency makes it difficult to compare across different issuers<\/td>		– Uses the ACT tool to clearly demonstrate, with logic-based qualitative and quantitative reasoning, why a plan does or doesn’t contribute to sustainability progress
– Consistent, comparable reporting aligned with international standards (ICMA) and domestic guidelines (e.g., METI)
– Monitoring support: post-issuance SPO conducts a quantitative assessment of whether KPIs were achieved relative to the original plan at issuance<\/td><\/tr>
Structure<\/strong><\/td>Mainly text-based, with limited visual elements<\/td>Alignment with international goals and standards (SDGs, CDP, etc.)<\/td><\/tr>
Target Audience<\/strong><\/td>Mainly large coporations<\/td>Usable by organizations ranging from large corporations to SMEs
For SMEs, a lower-cost version or industry-specific focused evaluation is available<\/td><\/tr><\/tbody>
<\/td>Legitimacy of the evaluation is ambiguous<\/strong><\/td>Consistent and well-grounded evaluation<\/strong><\/td><\/tr><\/tfoot><\/table><\/figure>\n\n\n\n
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FOR WHO?<\/h1>\n<\/div><\/div>\n<\/div>\n<\/div>\n\n\n\n
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Companies considering the issuance of green or sustainability bonds and sustainability-linked loans\u2014 across manufacturing, real estate, energy, infrastructure, and local governments<\/h4>\n<\/div>\n\n\n\n
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Companies committed to ESG-driven management and looking to strengthen how they communicate with investors

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Financial institutions \u2014 including banks and securities firms \u2014 involved in structuring or managing green loans

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IMPACTS<\/h1>\n<\/div><\/div>\n<\/div>\n\n\n\n
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Build Credibility with Investors<\/h4>\n\n\n\n

An SPO from an independent body provides objective validation of your framework’s green credentials \u2014 strengthening your standing with institutional and ESG-focused investors who demand more than self-certification<\/p>\n<\/div>\n\n\n\n

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Protect Against Greenwashing Risk<\/h4>\n\n\n\n

By verifying alignment with international principles upfront, you significantly reduce the risk of being challenged on the integrity of your green claims \u2014 before it becomes a reputational issue<\/p>\n<\/div>\n\n\n\n

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Optimize Your Cost of Funding<\/h4>\n\n\n\n

Broadening your reach to the ESG investor community opens the door to more competitive financing terms, as demand from values-aligned investors can work in your favor<\/p>\n<\/div>\n\n\n\n

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Sharpen Your ESG Communications<\/h4>\n\n\n\n

Your SPO becomes a tangible asset \u2014 one you can deploy across reports, disclosure documents, and stakeholder conversations as credible, third-party evidence of your commitment<\/p>\n<\/div>\n<\/div>\n\n\n\n

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Service Timeline<\/h2>\n\n\n\n
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Week 1-2<\/div><\/div>
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Week 1-2<\/div><\/div>
Providing of Relevant Documentation<\/h6>

Issuance Framework :<\/p>\n