Second Party Opinion and verification for Green, Social, Sustainability, Sustainability-Linked and Transition Finance instruments
CAIER provides independent external review services for sustainable finance instruments, supporting issuers, financial institutions and arrangers in aligning their sustainable finance frameworks, reporting and impact disclosures with ICMA Principles and international market expectations.
CAIER is included in ICMA External Review Service Mapping
CAIER is included in the ICMA External Review Service Mapping, which provides market participants with information on external review service providers for sustainable finance instruments.
CAIER provides Second Party Opinion, pre-issuance external review, post-issuance verification, allocation report verification and impact report verification for Green, Social, Sustainability, Sustainability-Linked and Transition Finance instruments.
CAIER’s approach is voluntarily aligned with the ICMA External Review Guidelines and relevant market principles for sustainable finance.
Disclaimer: ICMA does not certify, accredit or endorse external reviewers. Inclusion in the ICMA External Review Service Mapping does not constitute certification, accreditation or endorsement by ICMA.
SPO, framework review, allocation verification, impact verification
SPO, social project eligibility review, social impact verification
Combined green/social framework review, SPO, impact verification
KPI and SPT assessment, ambition review, reporting verification
Transition plan review, decarbonization pathway assessment, SPO and verification
Second Party Opinion / SPO
Independent assessment of the issuer’s sustainable finance framework and its alignment with applicable ICMA Principles and investor expectations.
Pre-Issuance Review
Review of the framework, eligible project categories, project selection process, management of proceeds and reporting commitments before the bond issuance.
Post-Issuance Verification
Verification of allocation of proceeds and impact reporting after the bond issuance.
Allocation Report
Independent review of how bond proceeds were allocated to eligible projects.
Impact Report
Assessment of environmental and social impact indicators, methodologies, assumptions, source data and reporting quality.
Sustainability-Linked Bond Review
Assessment of KPIs, Sustainability Performance Targets, baselines, ambition level and reporting commitments.
Transition Finance Review
Assessment of transition strategy, decarbonization pathway, climate targets and credibility of transition-related claims.
Sustainable Finance Framework Support
Methodological support in developing or improving green, social, sustainability, SLB or transition finance frameworks.
International positioning
CAIER is included in ICMA External Review Service Mapping and provides external review services aligned with relevant international market principles.
Emerging markets expertise
We understand the realities of companies operating in Kazakhstan, Central Asia and other emerging markets, including data quality, regulatory constraints, environmental risks and local project specifics.
Capital markets and ESG expertise
The CAIER team combines experience in sustainable finance, ESG reporting, corporate governance, risk management and capital markets.
Technical environmental expertise
CAIER has applied expertise in climate, water, environmental monitoring, biodiversity, waste, industrial ecology and laboratory-based environmental assessment.
End-to-end support
We can support issuers from the initial bond issuance idea and framework development to SPO, bond placement, allocation reporting and post-issuance verification.
Bridge between Central Asia and global capital markets
CAIER helps regional issuers present local sustainable projects in a format understandable to international investors, exchanges and financial institutions.
Initial consultation
We identify the instrument type, transaction structure, target investors, applicable standards and available issuer documentation.
Framework and eligible projects review
We assess project categories, eligibility criteria, exclusions, governance process and alignment with relevant ICMA Principles.
Management of proceeds assessment
We review the issuer’s approach to tracking, allocating and managing bond proceeds.
Reporting assessment
We evaluate allocation reporting and impact reporting commitments, including indicators, methodology and disclosure frequency.
ESG and technical assessment
Where relevant, CAIER assesses the environmental, social, climate, water, biodiversity or transition credibility of the projects.
Draft opinion preparation
We prepare a draft review, request clarifications and verify the completeness of information provided.
Final report
CAIER issues the final SPO or verification report for publication and use by the issuer, arranger, exchange and investors.
Post-issuance support
After the bond issuance, we can provide annual allocation and impact reporting verification.
Depending on the scope of work, CAIER may provide:
- Second Party Opinion report
- Pre-issuance external review report
- Post-issuance verification report
- Allocation report verification statement
- Impact report verification statement
- SLB KPI/SPT assessment report
- Transition finance review report
- Gap analysis report
- Recommendations for improving the framework
- Investor-facing summary