The worst fossil fuels bonds in 2023

As a cornerstone of global finance, the bond market has a profound impact on the direction of industries and economies. Mobilizing it to fight climate change is essential; first and foremost so bonds are no longer used as piggy banks for the world’s most polluting companies. In 2023, Reclaim Finance tracked down the new bonds being issued by some of the biggest fossil fuel developers to raise capital, discovering which financial institutions were involved and, therefore, contributing to the worsening climate crisis. This briefing exposes some of these toxic deals and explores why banks and investors are still structuring and buying such bonds, using a comparison of bond financing policies.