CICERO - Center for International Climate Research
ultrafast-charging Electric buses in umeå financed by a green bond. Foto: Hybricon bus systems

ultrafast-charging Electric buses in umeå financed by a green bond. Foto: Hybricon bus systems

CICERO to support Nordic green bond growth

News - News from CICERO

Published 01.04.2016

CICERO is expanding its work with Nordic banks on green bonds. After several years of exclusive cooperation with Skandinaviska Enskilda Banken, CICERO now also provides second opinions to other Nordic issuers of green bonds.

Nordic green bond market takes off

The market for green bonds in Northern Europe is growing rapidly. Last year, seventeen Nordic institutions issued green bonds - an increase of 21% from the previous year. Three quarters of those used a CICERO second opinion. In 2015, the Oslo Stock Exchange also launched the world’s first separate listing for green bonds with an independent second opinion.

CICERO Second Opinions evaluate the greenness of the bond by providing an independent assessment of the bond’s and issuer’s environmental objectives. Building on our prominent climate science, CICERO has so far worked on over 60 second opinions to a broad range of issuers across the world.

The Nordics have been at the forefront of the green bond market from the beginning, and we are looking forward to supporting further growth with our independent assessments.


Last month, Kommuninvest issued the largest Nordic green bond to date: the value was increased to 600 million USD following strong investor demand. Projects supported by this bond of Sweden’s largest municipal lender include a new school building using massive wood, ultrafast-charging electric municipal buses, and municipal investment in wind power. Kommuninvest seeked a second opinion from CICERO.

Continued global growth in 2016

Experts expect the interest for green bonds will continue expanding this year. Figures compiled by Environmental Finance show that $16.3 billion of issues have settled since the start of the year. This is an all-time high and an increase of over 40% compared to the first quarter of 2015.