positive impact

we're committed to the advancement of sustainable finance

At Kestrel, we are proud of the work we have accomplished over the years to create independent, meaningful data. We have a long history of success working with many state and local governments, as well as global engineering companies to help access capital for sustainable infrastructure.

Communicating material sustainability information to the fixed income market is a cornerstone of our mission. Through the years, we’ve tackled complex challenges in close collaboration with financial market participants, delivering accurate, high-quality data and analysis using science-based methodologies and the latest technologies.

Today, we are the clear market leader for verified green, social, and sustainability bonds in US public finance, garnering 70% market share by par of external reviews*.

 

*Q4 2024

highlights

2025

Kestrel completes 300th Second Party Opinion

2024

Kestrel Sustainability Intelligence launches on Investortools

Kestrel maintains market leadership for external reviews in the US muni market for the fourth consecutive year

Winners, Environmental Finance Bond Awards - Los Angeles Unified School District, City of Chicago/Sales Tax Securitization Corporation, Second Party Opinions from Kestrel

Winners, Bond Buyer Deal of the Year Finalists, California Community Choice Financing Authority / Clean Power Alliance of Southern California, AlexRenew (City of Alexandria, Virginia, Sanitation Authority), JFK / New York Transportation Development Corporation, Second Party Opinions from Kestrel

Verified Green/Social Bonds Outnumber Self-Labeled Bonds for the first time in the US muni market

2023

Kestrel Sustainability Intelligence Analysis and Scores launch on Bloomberg

Kestrel becomes the first US-Based Approved Verifier for Green Company/Green Issuer Certification

Winner, 9th Climate Bonds Awards – Kestrel is Largest External Review Provider in Number of Deals of 2023

Winners, Environmental Finance Bond Awards - Saint Paul Port Authority, Commonwealth of Massachusetts, Department of Airports of the City of Los Angeles, Second Party Opinions from Kestrel

Winners, Bond Buyer Deal of the Year finalists - City of Chicago/Sales Tax Securitization Corporation, Boston Medical Center, Second Party Opinions from Kestrel

Kestrel completes 200th Second Party Opinion

2022

Market leader with >70% market share for external reviews in US public finance

RBC partners with Kestrel to launch the first Sustainable Commercial Paper Program

Kestrel completes SPO for the first Sustainability-Linked Bond issued in the US muni market

New Life Forestry

Kestrel joins the United Nations Principles for Responsible Investment (UN PRI)

Winner, Bond Buyer ESG/Social Deal of the Year – Commonwealth of Massachusetts, Second Party Opinion from Kestrel

Winner, Environmental Finance IMPACT Awards – Equitable School Revolving Fund, Second Party Opinion from Kestrel

2021

Market Leader with >61% market share for external reviews in US Public Finance

Kestrel lands its first subscriber for Kestrel Sustainability Analysis and Scores

First Externally Reviewed Green Bond for a US Airport, Los Angeles World Airports, Second Party Opinion from Kestrel

First Bond with both Climate and Sustainability Designations, Stanford University, Second Party Opinion from Kestrel

Kestrel completes its 100th Second Party Opinion

Largest pricing benefit to date on a municipal green bond, Oberlin College, Second Party Opinion from Kestrel

Winner, Bond Buyer ESG/Green Deal of the Year – Board of Education of the City of Newark, NJ, Second Party Opinion from Kestrel

2020

First US municipal green bond to show a clear pricing benefit; City of Boston, Second Party Opinion from Kestrel

First Social Bond for healthcare issued in US municipal market, Carmelite System, Second Party Opinion from Kestrel

Kestrel receives Women’s Business Enterprise certification

Kestrel works with institutional investors to design Kestrel Sustainability Analysis and Scores

Kestrel 360, Inc. is formed to address the growing market for green/social/sustainability bonds and sustainability intelligence

Kestrel completes 25th Second Party Opinion, Equitable Schools Revolving Fund Social Bond

2019

Kestrel completes Goldman Sachs 10,000 Small Businesses program

Kestrel completes its first verification of an Asset Backed Security, Connecticut Green Banks Asset Back Security notes for Solar Home Renewable Energy Credits

2018

Kestrel completes its inaugural Second Party Opinion, City of Minneapolis Green Bonds

2017

Kestrel becomes a Climate Bonds Initiative Approved Verifier

2000

Kestrel opens its doors as a premier environmental finance consulting group, helping state and local governments access capital for infrastructure and sustainability projects.