While many banks have been condemned for contributing to the climate crisis by helping fossil fuel producers raise cash in debt markets, the banking industry as a whole is making more money from underwriting ESG-related bond sales.
Banks have earned about US$3.6 billion (S$4.9 billion) in fees this year from arranging sales of bonds advertised as instruments of green, social or sustainable development for companies, governments and other organisations, according to data compiled by Bloomberg.
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