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.

Factories emitting pollution.

"Peak greenwashing"


A review of Citigroup's decision to act as lead for largest coal operator's new bond

A financial analyst’s Bloomberg keyboard layout.

Lipstick on a pig: NAB's sustainability loan to coal


NAB's sustainability loan exposes investors to coal financing

Factories emitting pollution.

A lignite revolver? New EPH loan deal comment


EPH €1 billion loan deal is effectively coal funding.

The steps of a government building.

Blackpink or BlackGold? Short KNOC notes


Korea lets go the BlackGold oil sand project and backs Blackpink COP26.

The steps of a government building.

Tar sand new issue alert: Korea National Oil Corporation


Given KNOC's tar sand exposure, syndicating banks should request a carbon footprint on behalf of KNOC.

The steps of a government building.

The Reformed SSA Trader: "Be aware of" ideas of March


A proposal for JICA to sell Japan sovereign CDS instead of funding coal.

A financial analyst’s Bloomberg keyboard layout.

Bond portfolio fossil exposure review: PFA Pension


PFA's engagement with Enbridge is positive but its position as a lender to Alberta poses issues.

Zero new coal mine financing? EQT infrastructure investors and Carmichael


EQT’s recent JV with Adani likely breaches zero-based exclusionary rules.

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.