For the second year in a row, CICERO receives a Green Bond Award by Environmental Finance for being the Best External Review Provider.
The jury of investors praised our institute for "providing real thought leadership, and not just completing the job, but developing the discipline."
“It is a real honor to be recognized by investors for our efforts to communicate climate risk in the green bond market,” said Christa Clapp, Research Director for Climate Finance.
CICERO has provided environmental due diligence of green bonds for more than a decade, adding transparency to the rapidly developing market.
In 2017, we have helped paving the way for Islamic green finance through our review of the world’s first green sukuk, issued by Tadau Energy in Malaysia, while we also set an example for international transparency on Chinese issuers with the second opinion for ICBC, the world’s biggest commercial bank, based in China.
CICERO has developed the Shades of Green methodology, giving bonds a light green, medium green or dark green review, expressing how well they align with the global climate goal of implementing a low-carbon, climate-resilient society by the middle of this century.
Both the first green sukuk by Tadau Energy and ICBC’s green bond framework were rated dark green by CICERO.
“Across the world, green bond issuers are striving to get a dark green rating, from Nordic municipalities, to Islamic companies and big Chinese banks. We are proud that our Shades of Green have become common language in the global green bond market, helping investors to understand climate risk and motivating issuers to be as green as possible,” said Harald Lund, head of CICERO Second Opinions.
"Our cooperation with our research partners in the ENSO network has been key for us in delivering high-quality second opinions in different parts of the world,” Lund added.