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Activists Target $491 Billion in ‘Toxic’ Oil, Gas and Coal Bonds

Campaign zeroes in on `back-door’ financing supporting new or growing fossil-fuel projects.

Crude Oil On A Pumping Jack

Source: Bloomberg

Climate activists have singled out a group of fossil-fuel companies that together have $491 billion of bonds outstanding, in a campaign designed to cut funding for producers that are still expanding their carbon-intense operations.

The bond market has emerged as a “back door” through which oil, gas and coal companies are obtaining financing for new or growing projects, said Nick Haines, manager at nonprofit SumofUs. “As bank lending for coal has tightened, the bond market remains a safe haven for fossil-fuel companies to fund expansion,” he said.