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Clauses & Controversies
Ep 116 ft. Kenza Bryan
Sep 25, 2023
Kenza Bryan, sustainability-linked bonds expert, discusses the unambitious nature of sustainability-linked bonds, GOP backlash against ESG lending, fake carbon credits, and lack of global consensus on debt relief for environmental objectives. She emphasizes the need to engage with new ideas and reform existing systems for climate improvement.
44:12
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Quick takeaways
- Sustainability-linked bonds have faced criticism for setting unambitious targets that are disconnected from companies' actual transition goals, leading to confusion and a drop-off in interest.
- Right-wing hostility to ESG-focused lending, particularly in the US, is expected to persist and possibly worsen until the next US election, with green finance becoming a target for Republican candidates opposing ESG agendas and protecting traditional industries.
Deep dives
Popularity of sustainability-linked bonds and loans is declining
The popularity of sustainability-linked bonds and loans, such as green bonds, has been declining. In the first half of the year, there was a 15% decline in debt issued with a sustainability tag compared to the previous year. Skepticism is growing about specific products and regions, with US investors drawing back due to added legal risks for green bond investors, and concerns about greenwashing persisting in the EU. While overall issuance remains reasonably strong, sustainability-linked bonds have faced criticism for having targets that are disconnected from companies' actual transition goals, leading to confusion and a drop-off in interest.
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