This is the March 2024 update to our green/fossil fee league tables. The Box is a tool investors can deploy in the counterparty selection process to influence bank behaviour. Using it, institutions can engage with banks that do not align with their own climate objectives.
Canadian banks dropped to the bottom of AFII’s quarterly ranking of green/fossil fees this March, with US lenders Goldman Sachs and BofA also slipping lower.
The Box is an AFII tool investors can use to grade banks based on the loan syndication fees they make from green and fossil fuel activities. Using it, they can select those counterparties that most closely align with their climate objectives, and incentivise other dealers to change their ratio of green/fossil financing.
Canadian banks RBC, TD, and BMO sit at the bottom of the rankings due to increased fossil fuel income in recent months. At the other end of the table, European banks dominate, with BNP Paribas in pole position among Tier 1 banks, and Swedbank among intermediate banks.
In ASEAN, Overseas-Chinese Banking and United Overseas Bank top the rankings, while SMBC and Bank Mandiri occupy the bottom-most spots.
Johan develops tools and analytics that help fixed income investors invest in a climate- and nature-positive way, including AFII’s portfolio tools Co₂liseum and FIONA. He previously worked in Deloitte’s Risk Advisory practice.
Dr Ulf Erlandsson founded the Anthropocene Fixed Income Institute and was its first CEO. A pioneer of climate-focused fixed income portfolio management, he was named Environmental Finance’s Bond Personality of the Year 2022.
Based in London, Jo leads AFII’s research and a global team supporting fixed income investors as they align their portfolios with climate and sustainability goals. She joined AFII after 18 years in fixed income markets at JPMorgan.
