CICERO Second opinions

independent and research based

Leading global provider of Second Opinions on green bonds


CICERO Shades of Green AS provides independent, research-based evaluations of green bond investment frameworks to determine their environmental robustness. Our Second Opinions are graded dark green, medium green and light green to offer investors better insight into the environmental quality of green bonds.


CICERO's second opinion was a key part of the green bond model developed for the first World Bank Green Bond together with SEB in 2008, which has helped the market diversify with integrity.








Why choose CICERO Shades of Green?


built on renowned climate science

CICERO Shades of Green has close ties to CICERO Center for International Climate Research, one of the world’s foremost institutes for interdisciplinary climate research. CICERO scientists and experts provide quality control and methodological development for the Second Opinions at CICERO Shades of Green.

1st green bond (World Bank)

CICERO provided its first Second Opinion when the World Bank issued its first green bond framework in 2008. CICERO was a key part of the green bond model developed for the first World Bank green bond together with SEB and helped the market diversify with integrity.

10 years of experience

CICERO has been providing independent research-based evaluation of green bonds since it evaluated the first green bond issued by the World Bank in 2008. With its Second Opinions CICERO has helped pave the way for increased green capital flows.  

1st municipal green bond (Gothenburg)

CICERO reviewed the green bond framework of the first green city bond issued by Gothenburg, Sweden in 2013. Since then, CICERO scientists and experts have reviewed several similar green bonds from cities and municipalities mainly in Sweden and Norway.

100+ Second Opinions

CICERO has worked with a broad range of issuers, including corporate and financial institutions, development finance institutions, sovereign governments, municipal banks and municiapal and regional governments around the world reviewing bonds valued at over 125 billion USD.

1st green sukuk (Tadau Energy)

Tadau Energy, a solar energy company in Malaysia launched the first green sukuk – a financial instriument similar to a bond with Sharia - rules in 2017. CICERO reviewed this sukuk and gave it the best rating – dark green.

List of second opinions

The shading methodology was introduced in 2015. Second opinions issued before this does not have the Light, Medium or Dark green rating. For full list on one page click here.