This is the methodology page for The Box - a tool for investors to use in their counterparty selection process to influence bank behaviour. It is derived from traditional market usage, where dealers can be sanctioned by investors for poor behaviour.
This can be extended to ensure longer term climate strategy alignment, alongside best-execution objectives. Through the monitoring of syndication fees, specifically from aligned and non-aligned activities, investors can direct business to the best performers and so incentivise a change in behaviour within banks.
A key focus is fossil investment. AFII has been monitoring syndication league tables of bank activity in the fossil sector, offset by green deals, since 2022, which has supported investor and issuer engagement.
Reports published before 17 Sep 2026 were prepared using the methodology dated 20 December 2023.
Reports published from 17 Sep 2026 onwards use the updated methodology dated 17 September 2026.
Johan develops tools and analytics that help fixed income investors invest in a climate- and nature-positive way, including AFII’s portfolio tools Co₂liseum and FIONA. He previously worked in Deloitte’s Risk Advisory practice.
Dr Ulf Erlandsson founded the Anthropocene Fixed Income Institute and was its first CEO. A pioneer of climate-focused fixed income portfolio management, he was named Environmental Finance’s Bond Personality of the Year 2022.
Based in London, Jo leads AFII’s research and a global team supporting fixed income investors as they align their portfolios with climate and sustainability goals. She joined AFII after 18 years in fixed income markets at JPMorgan.
