On 24 January 2023, IiAS issued its maiden Second Party Opinion, making IiAS the first domestic firm to provide a Second Party Opinion.
A Second Party Opinion is a review of the green, sustainable or social bonds or the Issuer's Green Bond Framework to assess their alignment with accepted market principles and practices.
In its Second Party Opinion, IiAS has assessed the framework for sovereign green bonds issued by the Government of India. IiAS believes it largely aligns with: • ICMA Green Bond Principles 2021 • SEBI regulations which include renewable and sustainable energy, green transportation, sustainable water management, climate change adaptation, energy efficiency, sustainable waste management and biodiversity conservation as eligible projects for issuance of green debt securities. • Relevant UN SDGs. In its analysis IiAS has: • Assessed the framework for Sovereign Green Bonds • Mapped the SEBI Regulatory Guidelines on Green Debt Securities with GBP 2021 • Undertaken an assessment of the eligible green projects categories under the Sovereign Green Bond Framework The eligible projects align with India’s climate goals and the projects are expected to have a positive environmental and social impact.
IiAS expects a higher level of transparency and disclosure on the eligible projects that will be funded out of the issue proceeds, their risk assessment and impact metrics to quantify potential impact of the projects. IiAS also expects the issue proceeds to be monitored by an external agency, with the CAG having oversight over the entire fund, raise, deployment and reporting.
Click Here to read the Second Party Opinion.
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