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.

A magnifying glass zooming in on some statistics.

Operation Private Markets: A Bridge CO2 Far


A report detailing Aramco's lease-lease-back transactions of oil and gas pipeline networks.

A financial analyst’s Bloomberg keyboard layout.

Coal funding premia: Port of Newcastle USD deal


Port of Newcastle's inaugural bond has significantly higher yields.

A financial analyst’s Bloomberg keyboard layout.

SUEK calls force majeure: bank and bond investor implications?


SUEK calls a force majeure after recent bond issuance.

Factories emitting pollution.

Net green/fossil bond syndication league tables


A technical note to calculate normalised bond syndication fee revenue league tables.

Factories emitting pollution.

The Box


We propose a counterparty de-selection algorithm to help parties meet their climate goals.

An overhead photo of a road submerged by floodwater.

Mexiconvexity: Credit, IMF, Pemex


Mexico's president eager to use IMF covid funding to support Pemex.

An overhead photo of a road submerged by floodwater.

Woodside Petroleum vs iTraxx Australia


Woodside underperforms Aussie stocks after the deal to take over oil and gas production.

Financial candles on a screen.

"Passive" money and new thermal coal mine builds


In this report, we explore the passive investments made in the relationship between Adani and Carmichael.

Factories emitting pollution.

Fidelity and the oil sands pudding


Fidelity has an outsized role to play in green house gas emissions impact.

A financial analyst’s Bloomberg keyboard layout.

Enbridge oil sands SLB - participation trophy alert


Enbridge's SLB looks like a step towards energy transition, but it is not.

Factories emitting pollution.

ESG engagement and XL AUM growth


Keystone XL tar sand pipeline project finally ceases.

Factories emitting pollution.

California flarin'


Ameredev leads the way in the sector in terms of methane flaring in the Permian Basin.