After rolling out its integrated Shades of Green approach for assessing use-of-proceeds financing on July 27, 2023, S&P Global Ratings produced 72 second party opinions (SPOs) as of Feb. 29, 2024. This SPO Spotlight report shows that Green SPOs remain the largest category by far, reflecting trends in the overall sustainable bond market. Dark green or Medium green shades were frequently attributed to renewable energy, clean transportation, and climate adaptation. There was a large representation of Light green and Medium green shades in the green buildings category.