(Bloomberg) — 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.
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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 Wells Fargo & Co. and JPMorgan Chase & Co. generating the biggest earnings from oil and gas deals.
BNP, the European Union’s largest bank, got close to $130 million last year from its green finance business. Credit Agricole AG was next with $96 million and then…
