Sustainability-linked bonds let companies borrow cheaply if they meet environmental, social, and governance targets. A Bloomberg News analysis found those goals are weak Illustrator: Richard A. Chance for Bloomberg Markets Fashion giant Chanel , known for its iconic perfume and tweed suits, keeps up to date with changing tastes. These days that means showing consumers—and investors—that it’s doing its part to combat climate change . So when the company needed to borrow money two years ago, it turned to a hot new financial product: sustainability-linked bonds, or SLBs. The investors who purchased Chanel’s €600 million ($589 million) of bonds also got a promise: If the company didn’t meet certain climate goals, it would pay them millions of euros more. In other words, they’d pay a penalty for not being green. Philippe Blondiaux , Chanel’s chief financial officer, said at the time that the deal “was a great way to […]