CICERO - Center for International Climate Research

Phone: +47 22 00 47 28 /


Christa Clapp leads the climate finance work at CICERO, including climate risk for investors and green bonds. 

She has 20 years of experience in climate policy and economic analysis. Christa previously held positions at the OECD and the US Environmental Protection Agency, where she earned a National Honor Award Gold Medal for climate policy analysis for US Congress. Christa holds a Masters in International Relations and International Economics from SAIS at Johns Hopkins University, and is a member of the Climate Strategies research network. She is a Lead Author on finance and investment for the IPCC 6th Assessment report.


  • ClimINVEST - Tools for climate-resilient investment Climate change is increasingly affecting financial assets across the globe. The ClimINVEST project brings scientists and investors together to develop tailored tools for assessing physical climate risk and identifying climate-resilient investment opportunities. 
  • Second opinions on green bonds CICERO second opinions are independent, research-based evaluations of green bond investment frameworks to determine their environmental robustness.
  • Sustainable Edge: climate risk assessment for companies The Norwegian real estate company Entra is the first company in Norway to have its revenues, investments and governance structure assessed in shades of green or brown in line with the updated Shades of Green methodology. The methodology has been developed in the ‘Sustainable Edge’ project in cooperation with leading Norwegian financial institutions, CICERO Shades of Green and ENOVA (the Norwegian public energy enterprise). 
  • RECEIPT RECEIPT (REmote Climate Effects and their Impact on European sustainability, Policy and Trade) will map potential impacts and risks of climate extremes outside Europe on European socio-economic sectors.
  • StressTest: Using scenarios to assess climate risk in the financial sector Increasingly, financial decision-makers are asked to assess, disclose and respond to climate-related risks across a range of potential future scenarios. In the project StressTest, CICERO will produce scenario data and guidelines that will allow help financial actors to respond to regulatory initiatives on scenario use.

Publications and outreach at CICERO

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Web articles

  • CICERO Shades of Green CICERO Second Opinions are graded dark green, medium green and light green to offer investors better insight in the environmental quality of green bonds.
  • Climate finance CICERO is leading international research projects on climate finance for the Norwegian government, international organisations, and private sector partners.
  • CICERO expands work with green bonds After several years of exclusive cooperation with Skandinaviska Enskilda Banken and recently with HSBC, CICERO will now also provide second opinions to other issuers and underwriters of green bonds. As the market for green bonds is expanding rapidly, the need for independent, research-based assessments of green bond frameworks is growing too.