A Second Party Opinion (SPO) is an independent assessment delivered by a recognized external reviewer. It evaluates whether a sustainable finance framework aligns with internationally accepted market standards and whether the use of proceeds contributes genuinely to sustainable outcomes.
'Excellent' alignment
Flanders appointed Sustainable Fitch(opens in new window) to provide a Second Party Opinion (SPO) on its Sustainable Finance Framework(PDF file opens in new window).
Sustainable Fitch assessed the framework’s overall alignment with international sustainable finance standards as ‘Excellent’.
Evaluation summary
Alignment with Principles and Guidelines
Sustainable Fitch considers transactions under the framework to be fully aligned with the ICMA Green Bond Principles 2025, Social Bond Principles 2025 and Sustainability Bond Guidelines 2021 as well as the LMA, LSTA and APLMA Green Loan Principles and Social Loan Principles 2025.
Green Use of Proceeds categories
The framework defines six green use of proceeds (UoP) categories. Two categories—clean transportation and renewable energy—are fully aligned with the EU Taxonomy’s substantial contribution criteria. The green buildings and energy efficiency category is partially aligned.
Additional green UoP categories include:
- biodiversity and natural resource management
- sustainable water and wastewater management
- climate change adaptation
Through these categories, the Flemish Community contributes to multiple EU Taxonomy environmental objectives.
Social Use of Proceeds Categories
The framework includes four social use of proceeds (UoP) categories:
- affordable housing
- access to essential services, subdivided into:
- healthcare
- education
- social inclusion
Projects financed under these categories aim to generate measurable social benefits by providing critical infrastructure and essential services. They are aligned with the region’s social strategy, which focuses on fostering a just and inclusive society through targeted policy initiatives.
More information
Want to know more? Learn everything about it in the Second Party Opinion (SPO).