CLP has advised on the sale of CICERO Shades of Green AS

CLP has assisted the shareholders of CICERO Shades of Green with the sale of 100% of the shares in the company to S&P Global. CICERO Shades of Green AS was established by CICERO Senter for Klimaforskning in 2018 as a provider of independent, research-based second party opinions (SPOs) of green, sustainability and sustainability-linked financing frameworks, as well as climate risk assessments and impact reporting reviews grounded in climate science. CICERO Shades of Green AS has since become a significant player in the SPO market, has won multiple industry awards for the quality of its analysis and is now highly respected in providing deeper transparency in climate risks.

The global sustainable finance market has grown significantly from $1.5 trillion to $4.5 trillion over the past two years. The acquisition, which will be integrated into S&P Global Ratings, supports a global scale up of the Shades of Green offering and further provides for expansion in both breadth and depth of its second party opinions offering. Martina Cheung, President of S&P Global Ratings, says: «At S&P Global Ratings, we’re committed to providing the data, analysis and opinions that investors need to make decisions with conviction. In the same way we strive to provide transparency in credit quality without credit ratings, we’ve been building the capabilities and expertise to support the development of the sustainable debt market. Shades of Green’s unrivalled climate expertise and track record will help us further expand and strengthen our ability to help our customers seeking access to the sustainable debt markets«.

Kristin Halvorsen, Director at CICERO Senter for Klimaforskning, commented that «we would like to thank the CLP team for their knowledgeable advice and guidance throughout the entire process, and are very excited about the continued journey for CICERO Shades of Green and CICERO’s cooperation with S&P Global going forward

CLPs team consisted of Lars Gunnar Aas and Kristoffer Gjesdahl.

Read more about the case here.


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