CICERO Second opinions


CICERO Shades of Green


Our history and mission

CICERO Shades of Green is a leading provider of Second Opinions on green bond frameworks. Our Second Opinions are built on renowned climate research, drawing on competence from CICERO Center for International Climate Research, one of the world’s foremost institutes for interdisciplinary climate research. Our researchers and experts have been providing Second Opinions to issuers worldwide since 2008. In order to professionalise the work on Second Opinions, CICERO Shades of Green AS was established in December 2018 as a subsidiary.

We provide independent environmental assessments of green and sustainability bond frameworks and the issuer’s relevant internal governance procedures.

Our mission is to shift the bond market towards greener investments and improved transparency without creating undue transaction costs for the financial sector.


Get in touch

Harald Francke Lund, CEO and CO-founder (+47 22004705)

Christa Clapp, Partner and co-founder



Management team


CEO and CO-founder

Harald Francke Lund

Phone: +4722004705


Harald Francke Lund has been project manager on green bonds at CICERO since 2015. Harald also led the Norwegian contribution to the UNSG's AGF report on long term climate finance in 2010 and has held the positions of Deputy Chief Negotiator for Norway, Head of Emissions Trading Section at the Norwegian Environment Agency, and Advisor to the UNSG’s Special Envoy on Climate Change Jens Stoltenberg. He was project leader of the Background Report on Long-term Climate Finance prepared for the German Presidency 2015. Harald has a law degree from the University of Oslo.


Partner and Co-founder

Christa Clapp

Christa Clapp is also Research Director for climate finance at CICERO, leading the work on climate risk for investors. She has lead the development and growth of the Second Opinions on green bonds at CICERO since 2013. She has over 15 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. She is a Lead Author on finance and investment for the IPCC 6th Assessment Report.


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Chair of board

Atle Christiansen

Atle Christiansen is a serial entrepreneur with 20 years experience from environmental and financial markets. He is currently CEO and co-founder at Harvest Funds, a digital asset manager. In 2000 Atle co-founded Point Carbon, the leading provider of critical insights into energy and environmental markets. Point Carbon was acquired by Thomson Reuters in 2010. Atle has also served as Sr. Research Fellow at the Fridtjof Nansen Institute and holds a Phd in chemical engineering from the Norwegian University of Science and Technology (NTNU).


Board member

Kristin Halvorsen

Kristin Halvorsen is director of CICERO Center for International Climate Research. Halvorsen is also head of Bioteknologirådet and chairman of the board for the Natural History Museum. She is a former politician and was a member of the Stoltenberg II government from 2005 to 2013. From 2005 to 2009 she was Norway’s first female Minister of Finance and from 2009 to 2013 she was Minister of Education and Research. From 2005 to 2012 she was number two in the government and deputy prime minister.

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Board member

Ulf Erlandsson

Dr. Ulf Erlandsson is pioneering climate focused hedge-fund strategies within the fixed income space. He used to run the global credit portfolio at the Fourth Swedish State Pension Fund (AP4) and was responsible for their green bond portfolio build out. Earlier in his career, he held a position as an associate director within the quantitative credit strategy group at Barclays Capital and wrote several books on macro credit and credit trading. He earned his degree in Economics from Lund University.