CICERO - Center for International Climate Research

CICERO establishes new company to adapt to growth in the green bond market

News - News from CICERO

Published 29.11.2018

CICERO, the award-winning global leader in providing green ratings to the financial sector, will from 1 December 2018 establish a new company to professionalise its independent research-based evaluations of green bonds.

“The new CICERO Shades of Green aims at giving investors a better indication of how green the projects they want to invest in really are. Based on ten years of experience with evaluating green bonds, we want to bring more transparency into the growing green bond market,” said Christa Clapp, Partner and Co-founder of CICERO Shades of Green.

Ratings reflecting latest climate science

CICERO Center for International Climate Research in Norway has been providing independent research-based evaluation of green bonds since the first green bond was issued by the World Bank ten years ago. The research institute has completed more than 100 Second Opinions, reviewing bonds valued at over $142 billion. Today there are more than $450 billion worth of global outstanding green bonds. To adapt to growth in the market, CICERO is now restructuring by establishing a new subsidiary, CICERO Shades of Green AS.

CICERO Shades of Green will maintain close ties with the renowned climate research institute CICERO, whose staff will provide quality control and methodological development. For the clients this means the same high quality Second Opinions reflecting the latest climate research. Harald Francke Lund and Christa Clapp will lead the work of CICERO Shades of Green. Atle Christiansen will be Chair of the Board. Kristin Halvorsen and Ulf Erlandsson are the other two board members.

Promoting transparency

CICERO Shades of Green is using the Shades of Green methodology, a climate-science rating method focusing on avoiding a lock-in of greenhouse gas emissions over the assets’ life time and promoting transparency on resilience planning and strategy. Green bond frameworks are rated from dark to light green. Together with global partners CICERO Shades of Green also provides Second Opinions on sustainability bonds.

“Our vision is to contribute to improved transparency on climate risk for investors and shift the market towards greener investments without creating undue transaction costs for the financial sector,” said Harald Francke Lund, CEO and Co-founder of CICERO Shades of Green.

CICERO has provided Second Opinions for more than 100 issuers around the globe, including corporations, financial institutions, multilateral development agencies, sovereign governments, municipal banks and municipal and regional governments. Many of CICEROs reviews have been green bond landmarks globally: The first green sukuk issued by Tadau Energy in Malaysia; the first green city bond issued by Gothenburg, Sweden; the first green corporate bond issued by Swedish property company Vasakronan; the first green bond issued by the World Bank, as well as green bonds for the world's largest bank – ICBC of China. Contacts:

* Harald Francke Lund, CEO and Co-founder Email:, 

Phone: +47 99645324

* Christa Clapp, Partner and Co-founder  E-mail: