I have reported before that there is a bit of a conundrum in fixed income markets when it comes to the influence of greenhouse gas emissions and climate change risk. On the one hand, in the cost of loans to different firms. On the other hand, green bonds trade at the as conventional bonds in secondary markets. It seems as if bond markets are not differentiating between “green” and “brown” companies. This is all the more surprising because seem to make just that differentiation.