Authors and reviewers: Lara Cuvelier, Sustainable Investments Campaigner\u00a0<\/span><\/p>\n Maude Lentilhac, Financial Institutions\u2019 Policy Analyst\u00a0<\/span><\/p>\n Yann Louvel, Financial Institutions\u2019 Policy Analyst\u00a0<\/span><\/p>\n Ryan Cooper, Financial Analyst\u00a0<\/span><\/p>\n L\u00e9a Miomandre, Financial Analyst<\/span><\/p>\n Companies involved in fossil fuel expansion raised more than \u20ac1 trillion from the global bond markets since the Paris climate agreement,1 despite climate experts stressing the urgency to immediately stop developing new fossil fuel projects. In 2023,2 Reclaim Finance used the Bloomberg terminal to track down on some of the worst bond transactions of the year.3 In total, we analyzed 40 bond packages4 issued by 13 fossil fuel companies5 that helped raise a total of US$45 billion6 on the bond market alone and over the course of 2023.\u00a0<\/span><\/p>\n After identifying the 40 toxic fossil fuel bonds, we also tracked down the financiers behind these deals. More than a hundred banks7 were involved in the structuring of at least one of the fossil fuel bonds issued in 2023 and several dozens of investors currently8 hold at least one of these bonds. Featured below are the five biggest deals we identified and some of the financial institutions involved in them.\u00a0<\/span><\/p>\n