Chimneys emit vapor behind a perimeter fence at the Segezha Pulp and Paper Mill JSC, operated by Segezha Group, in Segezha, Russia, on Friday, March 19, 2021.
Global sales of sustainability-linked bonds (SLBs) plunged 22 percent in 2023—a record drop—as investors remain critical of the label, and more issuers risk missing their pre-determined environmental, social, or corporate governance (ESG) targets.
Issuance of SLBs fell to $67.8 billion last year, the biggest full-year drop since Italian utility Enel SpA issued the first such bond in 2019, according to data compiled by Bloomberg. Sales of SLBs also declined in 2022, after soaring almost tenfold from 2020 to 2021.
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