S&P Global, provider of credit ratings, benchmarks and analytics, has announced the acquisition of the Shades of Green business from the Center for International Climate Research (CICERO), Norway’s foremost institute for interdisciplinary climate research.
The acquisition will be integrated into S&P Global Ratings and further expand the breadth and depth of its second party opinions (SPOs) offering. SPOs are independent assessments of a company’s financing or framework’s alignment with market standards and typically provided before any borrowing is raised, according to the statement.
“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 on credit quality with our credit ratings, we’ve been building the capabilities and expertise to support the development of the sustainable debt market,” said Martina Cheung, President of S&P Global Ratings. “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.”
“With S&P Global Ratings, we have found a partner with the same commitment to transparency and the means to support a more sustainable financial system,” added Kristin Halvorsen, Director, Center for International Climate Research (CICERO).
“The Shades of Green methodology provides transparency on climate risk while motivating early-movers in the market and rewarding advanced actors.” Christa Clapp, Co-founder, CICERO Shades of Green.
S&P Global Ratings will retain an office in Oslo, Norway where Shades of Green is based. The Center for International Climate Research will continue to lend its climate expertise to Shades of Green and provide insights to S&P Global’s other leading sustainability businesses, the statement said.
The transaction was signed and closed on 1 December 2022 and terms were not disclosed.
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