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.

An overhead photo of a road submerged by floodwater.

Short Total. Long Equinor (and/or iTraxx ESG)


A credit short on Total, versus a long on Equinor could be attractive.

EQT and Adani Enterprises: Some ESG questions


Private equity house EQT enters into JV with Adani Enterprises to build data centres.

Factories emitting pollution.

Brookfield: Coal and ESG mix like oil and water


Brookfield looks set to launch a multi-billion dollar climate fund.

A financial analyst’s Bloomberg keyboard layout.

Coal, coup, CDP and credit: Adani Ports update


In this report, we review the factors to be taken into account for Adani Ports bond investors.

The steps of a government building.

Green reputation hijacking: how multilateral green credit lines are used for Carmichael purposes


In this report, we discuss how multilateral green credit lines are used.

Factories emitting pollution.

Biden and the oil sand vanguard: Inaugural credit action


In this report, we analyse President Biden's early decision to cut the Keystone XL pipeline project.

Factories emitting pollution.

Having State Bank Carmichael coal exposure?


Here, we discuss the case for SBI refinancing its significant USD near-term maturities.

Factories emitting pollution.

Private equity investment engagement and carbon foot-printing: A real-time case study


Here we discuss private equity investment engagement and carbon foot-printing.

The steps of a government building.

The Reformed SSA Trader: New Year's Exclusions


In this report, we initiate our Supras, Sovereign and Agencies (SSAs) exclusion list.

A financial analyst’s Bloomberg keyboard layout.

So long. Farewell. xAuf Wiedersehnx. Adieu.


We discuss how the German coal decommissioning auction is shutting 4.8GW of hard coal power.

Factories emitting pollution.

How green bond markets are (not) supposed to work


We look into the State Bank of India potential Carmichael coal loan.

Factories emitting pollution.

SBI (potential) Carmichael loan: Key financing transaction parties


In this report we discuss the potential Carmichael loan from State Bank of India.