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Fixed income investors have increasingly been pricing in the climate strategies of oil and gas firms following the energy crisis sparked by the Russian invasion of Ukraine, according to ABN Amro.

BP, Eni, Repsol, Shell and Total are the first oil companies to agree to pilot an investor-led standard that is designed to improve comparability of transition plans, and "acknowledges winding-down as a legitimate strategy".

2021 sustainable bond issuance has already surpassed the record-breaking 2020 total, supported by rising interest in sustainability and sustainability-linked bonds from corporate issuers. Ahren Lester reports

Once seen as the next exciting frontier in sustainable fixed income, the take-up of transition bonds has so far underwhelmed the market. But could the beleaguered label stage a fight back, asks Ahren Lester

The labelled bond market needs to start helping dirty issuers finance the transition, argues Peter Cripps

Eight energy companies - BP, Eni, Equinor, Galp, Occidental, Repsol, Royal Dutch Shell and Total - have jointly developed a set of energy transition principles.

The chair of the influential UK Committee on Climate Change (CCC) said the financial sector is beginning to take environmental concerns more seriously, but more has to be done.

Despite progress from European oil majors in strengthening their climate ambitions, analysis by the Transition Pathway Initiative (TPI) concluded that none are yet on the path to net-zero emissions.