Since we launched our integrated use-of-proceeds SPO approach, we have produced 37 second party opinions, of which 29 in fourth-quarter 2023. We also have more than 535 legacy SPOs. We now incorporate the Shades of Green approach and the Issuer Sustainability Context (ISC) into our use-of-proceeds SPOs. We recently released research discussing the needs and high-growth benefits of adaptation financing, notably for low- and middle-income countries. Sustainable debt issuance could reach the $1 trillion mark in 2024.