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Denso’s Sustainability Bond Framework SPO Provided by V.E

V.E has provided a Second Party Opinion (SPO) on Denso Corporation’s Sustainability Bond Framework. The framework has been designed to advance safety systems, Clean Transportation and Renewable Energy. The framework is coherent with Denso’s strategic sustainability priorities and contribute to achieving the issuer’s sustainability commitments.

V.E assigned a Second Party Opinion (SPO) on the sustainability credentials and management of Denso’s Sustainability Bond Framework. V.E is of the opinion that this Framework is aligned with the four core components of the Green Bond Principles, Social Bond Principles and Sustainability Bond Guidelines. We express a robust assurance on the contribution of the framework to sustainability.

Denso Corporation is a global Tier 1 automotive supplier, providing thermal, powertrain, mobility, electrification, & electronic systems to carmakers and other manufacturers around the world. DENSO’s net sales is approximately US$44.6 billion in fiscal year ended March 31, 2021 and is the world’s second largest parts and systems provider in terms of sales. The Company was founded in 1949 and is headquartered in Aichi, Japan.

V.E has produced more than 380 second-party opinions on sustainable financing operations in Europe, Africa, Americas and Asia. We are a Climate Bonds Standard Approved Verifier.

View V.E’s SPO on Denso’s Sustainability Bond Framework in English and Japanese.



Moody’s ESG Solutions Group is a business unit of Moody’s Corporation serving the growing global demand for ESG and climate insights. The group leverages Moody’s data and expertise across ESG, climate risk, and sustainable finance, and aligns with Moody’s Investors Service (MIS) and Moody’s Analytics (MA) to deliver a comprehensive, integrated suite of ESG and climate risk solutions including ESG scores, analytics, Sustainability Ratings and Sustainable Finance Reviewer/certifier services.

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+1 (415) 874-6000

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