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 ESG 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*.


*"Q2 2023 Sustainability Muni Recap," S&P Global, July 2023



Kestrel Sustainability Intelligence Analysis and Scores launch on Bloomberg

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

Kestrel completes 200th Second Party Opinion


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

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

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

Kestrel completes its 150th Second Party Opinion

Kestrel completes the 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)

Kestrel Team expands to 25, including 14 analysts


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

Kestrel lands its first subscriber for Kestrel ESG Impact Data

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


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 ESG Impact Data

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

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


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


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


Kestrel becomes a Climate Bonds Initiative Approved Verifier



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