The Booming ESG Bond That’s Facing Growing Skepticism

So-called sustainability-linked bonds make up only a small fraction of the sustainable bond market but they’ve grown fast, soaring to more than $170 billion since an Italian energy company, Enel SpA, introduced the instrument in September 2019. SLBs make it easier for companies to tap the flood of money from ethically minded investors. But they’re also facing increased criticism from those who say many of the bonds come uncomfortably close to greenwashing, doing more for a company’s reputation a

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