‘Second Opinion’ on Balder ’s Green Financing Framework 15 Appendix 2 : About CICERO Shades of Green Shades of Green, now a part of S&P Global and formerly part of CICERO , provides independent, research - based second party opinions (SPOs ) of green financing frameworks as well as climate risk and impact reporting reviews of companies. At the heart of all our SPOs is the multi - award - winning Shades of Green methodology, which assigns shadings to investments and activities to reflect the exte nt to which they contribute to the transition to a low carbon and climate resilient future . Shades of Green is internationally recognized as a leading provider of independent reviews of green bonds, since the market’s inception in 2008. Shades of Green is independent of the entity issuing the bond, its directors, senior management and advisers, and is remunerated in a way that prevents any conflicts of interests arising as a result of the fee structure. Shades of Green operates independently from the financ ial sector and other stakeholders to preserve the unbiased nature and high quality of second opinions .