For over 20 years, we’ve helped state and local governments access capital for infrastructure and sustainability projects. We have a nuanced understanding of public finance and are the municipal green, social and sustainability bond experts.

What sets us apart

As Approved Verifiers accredited by the Climate Bonds Initiative (CBI), we are qualified to evaluate corporate and municipal bonds in all asset classes worldwide for conformance with international green and social bond standards. We provide superior customer service and strive for quality and rigor on each review.

Of all CBI Approved Verifiers worldwide, we are the only:

  • Approved Verifier with deep environmental and sustainability consulting experience in US public finance
  • Certified Women’s Business Enterprise


Certified Women Business Enterprise

We strive to be at the leading edge of sustainable finance:

  • Kestrel has joined the International Capital Market Association as an Observer and is an active reviewer of ICMA guidance for Green, Social and Sustainability Bonds and loans
  • Our CEO, Monica Reid serves on the California Green Bond Market Development Committee



Our Approach

We have a nuanced understanding of public finance and are the municipal green, social and sustainability bond experts

From our history as consultants to state and local governments, we know where to find the information we need. We integrate seamlessly into your team to minimize impacts to your staff and resources, and our nimble team can meet your schedule.

We work closely with all deal team participants including:

  • Issuers
  • Municipal Advisors
  • Underwriters and Bankers
  • Bond Counsel
  • Conduit Issuers

We also coordinate with bond counsel to ensure disclosure language and reporting responsibilities are sufficient and attainable.

Ethical Standards

We follow ICMA’s ethical and professional standards, guided by five fundamental principles:

  • Integrity
  • Objectivity
  • Professional competence and due care
  • Confidentiality
  • Professional behavior

As a CBI Approved Verifier, we also follow the International Auditing and Assurance Standards Board’s International Standard on Assurance Engagements (ISAE) 3000: Assurance Engagements Other than Audits or Reviews of Historical Financial Information.

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