‘Responsible’ loans jump 40% as banks take green, social stances

Dive Brief:

• The global responsible loans market totalled $111.5 billion in July, a $32 billion (40%) increase since last year, according to a report published Tuesday by credit rating provider S&P Global Ratings.
• “The sustainable finance market is continuing to evolve and develop innovative products to encourage improved environmental and social performance,” Michael Wilkins,​ S&P Global Ratings’ head of sustainable finance, said in the report.
• A growing number of banks are using lending to encourage and promote social and environmental causes, while also making decisions to scale back or divest from certain controversial industries.

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