A flood of ethical investors is driving down borrowing costs for companies selling debt used for environmental or social projects. That’s great if you’re a solar-panel maker, as you can issue low-cost green bonds to help pay for your new factory. Ring-fenced green funds don’t work so well if your business only spends limited amounts on infrastructure and research, or if your sustainability plans encompass a variety of different projects. That’s why fashion house Chanel opted to sell sustainabili
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