Bondholders remain tongue-tied as climate risks worsen
Most bond investors are making minimal effort to lobby companies to improve their performance on climate change, a new report has found. Some feel they haven’t the right to make demands; some leave it to equity colleagues; some do not see it as relevant.
Yet they believe climate change is real, and the financial risks it brings are becoming more and more obvious. Last year’s California wildfires caused $12bn of losses to insurers, the wipe-out of a $200m catastrophe bond and the bankruptcy of Pacific Gas & Electric, with $52bn of debt....
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