Shades of Green

Between 2008 and 2022, CICERO and its subsidiary Shades of Green, have been one of the world’s largest providers of second party opinions on green bonds. The business was sold to S&P Global in 2022.


In 2008, CICERO issued the world's first second opinion on a green bond for the World Bank, establishing the model for external reviews that continues as best market practice today.

In 2015, CICERO developed the Shades of Green methodology which has since been used to assess over 350 green bond frameworks. These bonds have channelled over $380 billion to activities that accelerate the climate transition.

The methodology builds on CICERO Center for International Climate Research’s renowned climate research.

In 2018, Shades of Green was established as a subsidiary majority owned by CICERO. The company started out with 1,5 employees.

CICERO Second Opinions have received several international awards. The Climate Bonds Initiative awarded CICERO for being the largest second opinion provider in 2021, 2020, 2019, 2018 and 2016, while investors have selected us as the External Assessment Provider of the year in 2022, 2020, 2019, 2018 and 2017 for the Environmental Finance Bond Awards.

In 2022, CICERO sold its Shades of Green business to S&P Global. CICERO received approximately NOK 200 million ($20 million) in cash for its stake in the company. The company had 9 employees who all transferred to S&P Global. S&P Global will scale up the Shades of Green approach globally, while the hub will remain in Oslo.

For more information about Shades of Green's offerings, please visit