The urgency of the need for a green transformation across global industry is vividly highlighted by the news that CO2 emissions are expected to return to pre-pandemic levels in 2021, having fallen by 5.4 percent in 2020. Cicero Shades of Green, a subsidiary of the Centre for International Climate Research (Cicero) in Norway, is working tirelessly to provide the necessary research and advice to global business. The organisation knows that transformation must be financially sustainable, which is why businesses and investors are constantly looking for guidance. Oslo-based Cicero has played an active role in the Intergovernmental Panel on Climate Change (IPCC) since 1992. In recent years it has developed a reputation for expertise in climate financing. In 2018 it established the subsidiary, Cicero Shades of Green. The aim was to review green and social criteria in relation to bonds, using a methodology which involves labelling bonds to differentiate the environmental value of potential investments. The darker the shade of green, the less risk it poses to the climate. Christa Clapp, co-founder and managing partner, says: “There is no turning back from the greenhouse gases we’ve already emitted. But to avoid the worst impacts in the longer run, rapid and sustained emission reductions are necessary.” In 2020, Cicero Shades of Green was presented with the CFI.co global award for Best Green Bond Evaluation Expert. In 2021, the judging panel is delighted to add to that award by presenting it with the award Outstanding Contribution to Green Finance Transparency Global 2021.