For a fifth straight year, the world’s biggest banks are making more money arranging bonds and loans for environmentally friendly projects than for fossil-fuel companies.

Lenders have generated roughly $3 billion of revenue so far this year from climate-related financing, exceeding the $2.9 billion from debt deals for oil, gas and coal producers, according to data compiled by Bloomberg. While the gap is narrowing, the revenue split marks a sharp reversal from 2020, when banks pocketed almost double the fees from fossil-fuel companies than they did backing green initiatives.

BloombergNEF recently published a report showing that the ratio of spending on low-carbon infrastructure relative to fossil fuels rose to 0.97 in 2025 from 0.95 the prior year.

The so-called energy supply banking ratio is climbing, but “progress remains gradual and significantly short of the rate necessary to reach climate goals,” the analysts said. BNEF says the ratio needs to reach 4 to 1 by 2030 to limit climate change.

The numbers vary by region: China’s ESBR jumped to 1.6 to 1, lifted by an increase in grid debt issuance, while Europe’s ratio rose to 2.5 to 1 on the back of offshore wind project finance. By contrast, North America’s ratio fell to 0.5 to 1 amid higher financing for oil, gas and coal.

NEWS ROUNDUP UBS | UBS Group AG Chief Executive Officer Sergio Ermotti sent the clearest signal yet that the bank could relocate, as he stepped up his rhetoric over Switzerland’s plan to make it hold billions of dollars in extra capital.

Big Oil | Big Oil reaped more than $50 billion in windfall profits as conflicts in the Persian Gulf and Russia roiled energy markets and drove refining results to record highs.

El Niño | Banks whose clients are exposed to the super El Niño cycle building in the Pacific Ocean are now assessing loan structures and loss risks, with debt rescheduling among options being considered.

Nuclear | The Trump administration is offering as much as $5 billion in financing to Constellation Energy Corp. to upgrade and modernize the nuclear operator’s fleet of reactors in Illinois, Maryland and Pennsylvania.

King Charles | Bank of America Corp. and a sustainable-markets venture backed by Britain’s King Charles III are launching an investment strategy designed to steer capital into restoring the natural environment.

India Funds | The bulk of India’s $900 billion asset-management sector doesn’t disclose how portfolios would withstand climate shocks, leaving investors in the dark, according to a new study.

Selling Treasuries | Being one of Washington’s closest partners no longer means reliably funding the US deficit.

Insurance Fund | GAM Holding AG, which ended its ILS partnership with Fermat Capital Management last year, is preparing to launch a fund of insurance-linked securities with Swiss Re AG that it says will offer clients higher returns by moving deeper into illiquid, private markets.

Nasdaq Listing | General Motors Co. plans to shift its stock listing to the Nasdaq Global Select Market from its longtime home on the New York Stock Exchange, an attempt to position the old-school automaker as a tech-forward company embracing automated driving and electric vehicles.

Transition Bond | Japan sold its fifthclimate-transition bond of the year, remaining the only government to use the designation despite the country’s increasing reliance on fossil fuels since the start of the war in Iran.

Hungary | Hungary’s economic growth unexpectedly slowed in the third quarter after a severe drought devastated agricultural production, outweighing the effects of surging industrial output.

New Fund | ALMA has set up a $100 million fund to invest in female-run and led businesses in developing nations after securing a partial guarantee from a unit of the Private Infrastructure Development Group for a loan from Aegon Asset Management.

REGULATION Methane | President Donald Trump formally proposed scaling back methane controls on oil and gas companies, marking his administration’s latest big move to unravel US federal regulations designed to address human-caused climate change.

Los Angeles | Los Angeles voted to ban new oil and gas drilling and to phase out existing wells, becoming the largest US city to move toward ending extraction within its borders.

Climate Resilience | The European Union will propose new rules obliging member states to put climate-resilience plans in place to deal with average global temperatures rising 3C above pre-industrial levels by the end of the century.

China Imports | The EU is planning to use safeguard measures to cut imports from China in sectors including chemicals, furniture and machinery.

‘Dead in the Water’ | The EU’s climate chief, Wopke Hoekstra, said talks on new climate-finance commitments at this year’s United Nations COP31 summit are “dead in the water” after two years of stalled progress on cutting global emissions.

Return Requirements | Investor return requirements for US wind and solar projects have climbed to their highest level since 2014.

Water Infrastructure | The Environmental Protection Agency identifies more than $1.25 trillion of drinking and clean-water infrastructure needs over the next 20 years. Aging infrastructure, tighter treatment standards and supply constraints are pressuring utility spending and providing numerous opportunities for companies including Xylem Inc., Badger Meter Inc., Mueller Water Products Inc., Jacobs Solutions Inc., Tetra Tech Inc., Aecom and Stantec Inc.

Carbon Removal | Carbon removal is seen falling short of record levels as Microsoft Corp. backs off. (BNEF) Cat Bonds | Catastrophe bonds have generated positive returns for a record 21 straight months through October as insured losses due to extreme weather events fell from year-earlier levels, aiding cat-bond investors and reinsurer returns.

Green Fuel | China’s green jet-fuel push is facing a feedstock crunch. (BNEF) Solar | US solar pricing is building a premium that global rivals are struggling to match.

Wind | Wind developers are adding battery storage to projects to protect revenues in markets where their power flows to the grid are often curtailed. (BNEF) Larger Rotors | European wind-turbine manufacturers are rolling out new onshore models with larger rotors, rather than higher generator capacity. (BNEF) BLOOMBERG OPINION AND ANALYSIS Stalemate? | The oil market may face a forever stalemate in Iran, wrote columnist Javier Blas. Market Bets | Options traders are loading up on bets for a spike in stock-market volatility this November.

The largest positioning on the Cboe Volatility Index is concentrated in the Nov. 18 call options.

Ahead of Tuesday’s US midterms, investors were actively positioning for severe tail-risk events, amid political and geopolitical uncertainty.

This aligns with the elevated implied volatility of two-month, 80% strike options on the S&P 500 relative to at-the-money vol, showing investors are paying a high premium to hedge against market downturns as disappointing earnings spur a tech selloff.

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