“The problem is germane to all three of the sustainable-themed bond principles but is particularly acute with regards to the sustainability-linked bond principles, since these are not use-of-proceeds instruments,” Price said.Article content
Among the examples cited in the letter, Tamarack Valley Energy’s issuance of sustainability-linked bonds earlier this year was partially used to acquire another oil and gas company, enabling the borrower to expand production, the group said. A Tamarack executive didn’t reply to requests for a comment.
The advocacy group is also sending a separate letter to the Loan Syndications and Trading Association’s executive director Lee Shaiman asking the industry group to update its Sustainability-Linked Loan Principles to preclude deals that go toward “activities that are increasing greenhouse gas emissions during the climate crisis – the opposite result of that intended.”
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