In the initial setting, we provided league tables based on fossil fee revenues only, not accounting for potential green revenue generation on the other side. Arguably, it is different for a bank to have 10% fossil fee revenues, when the remainder (90%) is green, compared with if there are no green efforts at all. In order to gauge this, this note considers the net fossil (green bonds minus fossil bonds) syndication fees as a percentage of total syndication fees.
The tables we present in this article are based on a mix between estimated and actual data and with a number of selection criteria in order to define the universe of eligible bonds. Fossil bonds are defined by a number of BICS level 2 codes available in the original paper. Due to certain imprecision in BICS segmentation, the fossil revenue generation may be underestimated.
