For a fourth straight year, banks are making more money providing loans and underwriting bond sales for green-related projects than they’re earning from fossil fuel companies.
Together, banks have generated almost $3.5 billion of revenue from climate-focused financing so far this year as of Friday, compared with roughly $2.6 billion from their work with oil, gas and coal companies, according to data compiled by Bloomberg.
It’s a big change from as recently as 2020, when lenders pocketed almost double the fees from Big Oil (as well as gas and coal) than they did from backing green initiatives.
The increase in ...
Learn more about Bloomberg Law or Log In to keep reading:
See Breaking News in Context
Bloomberg Law provides trusted coverage of current events enhanced with legal analysis.
Already a subscriber?
Log in to keep reading or access research tools and resources.