Fossil lending

Investigations, analyses and rankings on debt lending that facilitates fossil fuel expansion, undermines climate goals and contradicts institutional ESG policies, helping counterparties to engage on climate issues and advocate for change.

The Montreal-West Virginia-Frankfurt price stability paradox


The Bank of Montreal’s coal financing policy puts it at odds with the ECB

POSCO plays Blast and loose with its decarbonisation commitment


By sticking with coal-fired furnaces, the South Korean steelmaker discredits its own emissions reduction plan

Buyers of long-dated oil bonds beware


Longer tenor of oil & gas bonds poses risks not accounted for in spread curves

bp and ConocoPhillips: a bond spread curve ball


Transition risk exposure differences not priced in credit spreads

Coal divestment: AES’ Muong Dong 2 deal with Sev.en


Sale reduces transparency into high-carbon asset

Factories emitting pollution.

The Box: green/fossil fee league tables Q1 24


Mar 2024 update of The Box: green/fossil fee league tables

JERA:野心的トランジションに向けた拡張SLBプロポーザル (JERA SLB)


"Transition-linked bond" lacks materiality of an enhanced SLB

JERA: An enhanced SLB proposal for ambitious transition


"Transition-linked bond" lacks materiality of an enhanced SLB

Factories emitting pollution.

Adani's "Green" new issue


Adani’s back in the market with a new ‘green’ bond.

The Forensic Carbon Accountant: Snam SpA SLB


Snam’s recent SLB includes targets for Scope 3 emission reductions. We analyse the completeness of its commitments.

PPC: Coal decommissioning success impacts SLBs


PPC’s Jan 2024 capital market day revealed strong coal decommissioning, with implications for SLB investors.

ConocoPhillips' Q4 2023 oil sands production breaches investment exclusion thresholds


ConocoPhillips’ Q4 2023 results show production from Oil Sands of 6.6%, potentially breaching investor exclusion thresholds.