Russian Rail’s debut green Eurobond last week met with strong demand, but some investors had reservations about buying green bonds from a company owned by the Russian state and used to transport fossil fuels. Antonio Keglevich, UniCredit’s head of sustainability bond origination, responded to the criticism.
A green investor who considered the Russian Rail deal said: “The reality is this railway company is owned by the Russian government, and they are doing nothing about climate change at the moment.” He added that almost 50% of Russian Rail’s cargo is fossil-fuel related and added “there’s
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