Banks Notch Higher Fees From Green Bonds Than Fossil Fuel Debt

Wall Street’s biggest banks made more money financing green projects than they did from working with fossil fuel companies for a fourth straight year, even as they faced ongoing pressure to pull back from the business.

Lenders generated roughly $3.7 billion of revenue from climate-related loans and bond underwriting in 2025, compared with about $2.9 billion from oil, gas and coal, according to data compiled by Bloomberg.

That marks a sharp reversal from 2020, when banks pocketed almost double the fees from fossil fuel companies than they did from backing green initiatives.

Surging demand for capital tied to the energy ...