Fuelling fossil fuel: Bond to bank substitution in the transition to a low-carbon economy

Fossil fuel investments over the past few years are at the centre of political debates about climate change policy. The article published on PRI's Blog  explores the role market- and bank-based debt play in the climate transition process. It presents evidence that fossil fuel firms increasingly substitute bonds for syndicated bank loans, when banks price the risk of stranded assets less than the bond market.

Read the article published on PRI's Blog (24.4.2020)