With the urgent need to increase the scale of climate-smart and sustainable investment, governments and businesses worldwide are looking to the capital markets for support. At the same time, climate-aware investors are demanding sustainable destinations for their capital. Financial markets have responded with green and sustainable financing volumes reaching over US$1 trillion in 2021. However, these new ESG-category investments are not all created equal, with varying taxonomies and rules governing their ‘greenness.’ Meanwhile, some of the very same banks and funds touting green credentials continue to finance traditional fossil fuels at unabated rates. IEEFA’s team of analysts track, quantify, and dissect these trends through data-driven research following the activities of global financial lenders and intermediaries.