Teekay preps ‘green bond’ to fund new oil tanker fleet

OMV Oil Tanker
By Owen Sanderson
01 Oct 2019

Teekay Shuttle Tankers has mandated a $150m “green bond” to fund new oil tankers built to the firm’s “e-shuttle” standards. The deal raises questions about the logic of using green-branded debt instruments to fund fossil fuel extraction.

The bond has been assessed as “light green” by second-opinion provider Cicero.

Cicero describes such bonds as being climate friendly, but that they do “not by themselves represent or contribute to [a] long-term vision. These represent necessary and potentially significant short-term [greenhouse gas] emission reductions, but need to be managed ...

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