Wall Street’s New Battleground Is $136 Billion Green-Bond Market

Wall Street’s race is on for dominance in the fast-growing business of turning back climate change.

HSBC Holdings Plc, Citigroup Inc. and Bank of America Corp. have helped power an unprecedented surge in sales of “green” bonds, which are used to finance everything from wind farms to battery technology. They’ve toppled smaller banks like Sweden’s SEB AB, that pioneered what was once on the fringes of international finance but has now garnered mainstream appeal.