17/12/2025
12 minute read
This is the December 2025 update to our syndication fee league tables.
The Box is a tool investors can deploy in the counterparty selection process to influence bank behaviour. Using it, institutions can sanction banks that do not align with their own sustainability priorities, and so incentivise positive behaviour change.
This edition confirms a clear and growing trend. Over the past year, large global banks earned USD1.465 billion in green syndication fees versus USD1.233 billion from fossil-related deals, widening the green–fossil gap to USD231 million.
French banks continue to dominate the top of the league tables, with Credit Agricole, BNP Paribas and Societe Generale maintaining a commanding lead, while several US and Canadian banks remain firmly at the bottom.
Dec 2023 update of The Box - a tool for investors to use their counterparty selection process to influence bank behaviour
The Bank of Montreal’s coal financing policy puts it at odds with the ECB
Notable funding deals furthering absolute fossil-GHG emissions.
Fidelity has an outsized role to play in green house gas emissions impact.
Bondholders exposed to coal exit risk amid company’s USD750mn refinancing
Brookfield IPOs the Dalrymple coal terminal.
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