ESG & Investing
World’s Biggest Banks Made $3 Billion on Green Debt in 2023
- Banks are earning more on green finance than on oil and gas
- BNP led Bloomberg’s league table on green finance in 2023
Wind turbines and a field of canola plants near Fiskville, Victoria, Australia.
Photographer: Carla Gottgens/BloombergThis article is for subscribers only.
For the second year in a row, global banks made more money underwriting bonds and providing loans for green projects than they earned from financing oil, gas and coal activities.
The world’s biggest lenders generated a total of about $3 billion in fees last year from lining up debt for deals marketed as environmentally friendly, according to data compiled by Bloomberg. By comparison, the sector brought in less than $2.7 billion in aggregate earnings from fossil-fuel transactions.