World’s Biggest Banks Made $3 Billion on Green Debt in 2023 (2)

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.

European banks led the transition, with BNP Paribas SA topping Bloomberg’s green debt league table. Meanwhile, Wall Street dominated fossil finance, with ...