Photo: Chimneys emit vapor behind a perimeter fence with tree shadows at the Segezha Pulp and Paper Mill JSC, operated by Segezha Group, in Segezha, Russia, on Friday, March 19, 2021. Chimneys emit vapor behind a perimeter fence at the Segezha Pulp and Paper Mill JSC, operated by Segezha Group, in Segezha, Russia, on Friday, March 19, 2021.

Global sales of sustainability-linked bonds (SLBs) plunged 22 percent in 2023—a record drop—as investors remain critical of the label, and more issuers risk missing their pre-determined environmental, social, or corporate governance (ESG) targets.

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