There was little movement in the green/fossil fee league tables last quarter. Wells Fargo continued to hold the bottom-most spot amongst large banks, a reflection of the quantity of fossil deals it has been involved with recently. RBC and BofA also continue to make a larger percentage of their fees from fossil activity rather than green bonds.
Mizuho and Barclays were the big movers quarter-on-quarter, dropping down the table four spots and three spots, respectively. BNP Paribas, Societe Generale, and Credit Agricole continued to hold the top three spots, a function of their continued patronage of green activities.
In ASEAN, OCBC and UOB top the rankings, while SMBC and Bank Mandiri remain at the bottom of the table.
This edition also provides an update on those banks generating fees from issuers potentially exposed to deforestation risks. We find that Citi is again the bank that generated the highest fees from in-scope companies, the same as last quarter. Wells Fargo and HSBC follow close behind. These banks are strong candidates for engagement activity by investors concerned about deforestation risks.
The Box is an AFII tool investors can use to grade banks based on the bond and loan syndication fees they make from climate- and forest-harming 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.
