green, social & sustainability bonds

independent, science-based assessments for greater transparency

The demand for green and social bonds has grown exponentially, and so has the risk of greenwashing. We provide an independent, science-based assurance of the environmental and social benefits of bond-financed activities and help many organizations access capital to enable their good work. While we have experience with corporate and public finance, and can work around the globe, we specialize in the US municipal market.

Since 2021, we have been the market leader for external reviews on municipal bonds, offering Second Party Opinions and other reviews, UN SDG analysis and reporting on green and social bonds. We are committed to ensuring smooth deal execution, integrating seamlessly into your process.

we offer second party opinions on:

– US public finance - all sectors
– asset-backed securities
– project finance
– issuers
– assets
– programs
– corporate bonds
– frameworks
– national and supranational bonds

market leader for verified green, social, and sustainability bonds in US public finance


Par verified


market share by # of reviews in US public finance


Second Party Opinions and reviews completed to date

an agile, well-versed team at your disposal

Our team is agile, responsive, and well-versed in deal team dynamics, serving numerous issuers across the nation for nearly every sector and subsector of the municipal market.

second party opinions

Our second party opinions inform issuers and investors whether the framework of a particular financing activity aligns with both industry standards (UN SDGs, ICMA, etc) and Kestrel’s own methodology.

verification for certified climate bonds

We are known for the high quality and technical rigor contained in our Second Party Opinions. We are also known for our responsiveness and efficient approach that minimizes impacts to everyone.

reporting on green, social & sustainability bonds

We can help you design and implement a no-stress approach to meaningful reporting. Learn more.