Spanish oil company stoked controversy last month when it launched a €500 million ($560 million) “green bond” to retrofit its refineries. See:
Major indices aren’t buying it. Neither the Bloomberg Barclays MSCI, S&P DJI, nor Solactive indices have listed the bond, Environmental Finance reports.
Nonprofit green bond tracking group Climate Bonds Initiative argues if Repsol really wants to make an impact climate-wise, it should transition to other fuel options, like bio-feedstock. That would require swift acceptance on Repsol’s part that for fossil fuels companies, “incremental change is out of time,” as Climate Bonds Initiative says.
The group nevertheless praised Repsol’s transparency.