The banks and investors behind the five biggest fossil fuel bonds issued in 2023 are revealed today in a\u00a0new briefing from Reclaim Finance<\/a>.<\/p>\n The briefing analyses the five biggest fossil fuel bonds issued by BP, ConocoPhillips, Duke Energy, Eni and Greensaif Pipelines Bidco, respectively, in 2023, which together helped raise more than US$12 billion for fossil fuel expansion. As banks and investors\u2019 increasingly restrict project level finance to fossil fuel development, the bond market has become a safe haven for easy access to fossil fuel finance. Banks and investors must immediately stop investing in and underwriting bonds issued by fossil fuel developers.<\/p>\n Despite increasing policies to restrict fossil fuel lending, banks play a crucial role behind the scenes by underwriting fossil fuel bonds. Banks act as the gatekeepers, advising fossil fuel companies issuing bonds and marketing the bond to investors, disclosing all the necessary risk. The top banks underwriting the five biggest fossil fuel bonds this year include BNP Paribas\u2019s involvement in the bonds issued by Greensaif Pipelines (linked to Saudi Aramco) and BP, Citi underwriting bonds issued by Greensaif Pipelines, Conoco Phillips and BP bonds, and JP Morgan\u2019s involvement in Greensaif Pipelines, BP and and Duke Energy<\/p>\n