In April 2024, Enel, one of Europe's largest utilities, confirmed it had missed the emissions intensity target written into its sustainability-linked bonds. Scope 1 intensity came in at 160g CO₂/kWh against a contractual ceiling of 148g. The consequence was automatic: coupons stepped up 25 basis points across roughly $11 billion of bonds, adding an estimated €83 million in interest costs. It was the largest step-up event in the market's history. It should have been a turning