Oil and gas companies face virtually no extra borrowing costs compared with less polluting firms, despite efforts by climate organisations to encourage banks and big investors to reduce their lending to the fossil fuel sector.
Since 2010, borrowing costs for oil and gas companies in the US and Europe have largely mirrored those for other debt issuers, except for during sharp falls in commodity prices, according to analysis by S&P Global Ratings seen by the Financial Times.
“Environmental concerns seem to be far from the most important factor for funding oil and gas companies,” the rating agency’s analysts said.
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