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North American sustainable fund issuance was hurt by ESG backlash and regulatory disputes, but Canada remained strong and adaptive funds emerged.
Last year, the issuance of sustainable funds in North America decreased significantly.
According to Moody’s, issuance has fallen from $124 billion in 2024 to $67 billion – far from the 2021 peak of $175 billion. Almost all of the decline was caused by the US, where prominent banks followed the six major players in withdrawing from the Net-Zero Banking Alliance called by the UN from December 2024. This reflects the continued fragmentation and increased political scrutiny of ESG, with banks shifting focus to areas such as energy security. The sharp decline in ESG issuance was reflected in the lack of North American entries Global Finance received for this year’s Sustainable Finance Awards.
The pattern looks set to continue into 2026 as the ESG pushback persists. Sustainable Fitch, a Fitch Solutions company, says, “We expect investors to continue to face challenges navigating the North American ESG regulatory environment as diverging pressures continue between federal and state requirements in the US.”
One bright spot is Canada—admittedly a much smaller player than the US—where leading banks continue to prioritize ESG and expand issuance. “There could be momentum in late 2026 as Canada finalizes its new green tax and reforms,” Sustainable Fitch forecasts.
In general, the group expects financial adaptation to have a major impact on growth “as global attention shifts from mitigation to resilience amid more frequent and severe extreme weather events, shaping investment strategies and policy frameworks.” Meanwhile, international asset management firm Schroders expects “more emphasis on demonstrating the return and value of sustainability efforts.”
Scotiabank
Best Bank for Sustainable Finance
Commitment to the Circular Economy
The Best Bank for Community Support
Best Bank for Continuous Clearing
Best Bank for Blue Bonds (New 2026)
Best Bank for public bonds
Best Bank for Sustainability Bonds
ScotiabankA deep and wide commitment to sustainable finance made it the clear winner of the above eight awards.
In one of the bank’s circular economy projects, Scotiabank acted as the green loan originator for Diaco’s first green loan. Diaco is a key player in Colombia’s steel industry, and its business model is built on the circularity of steel, extending environmental, economic, and social value throughout the product’s life cycle.
In green bonds, Scotiabank helped the Mexican government issue a green bond that provides financing for sustainable fisheries and aquaculture. Mexico’s fishing industry is one of the largest in the world, making protection of its coastline and waterways key. This green bond, issued in December 2024, amounts to 4.5 billion Mexican pesos (about 218 million dollars).
Regarding sustainability transparency, the bank says, “We are committed, through our annual Sustainability Report and Social Accountability Statement, to present our work and our performance on environmental, social and governance topics that we believe are important to our stakeholders.” Scotiabank publishes an Annual Sustainability Report and an annual Climate Report, which, from 2026, has become part of the Sustainability Report.
In 2021, as part of its commitment to sustaining communities, the bank launched the ScotiaRISE program, a 10-year Canadian dollar 500 million (approximately US $364.8 million) community investment program to strengthen economic resilience. Between 2021 and 2025, the program has invested more than CA$210 million in 300 organizations. It also launched the Scotiabank Women Initiative, which it says “aims to help female customers increase their economic and career opportunities and become more successful as they grow their businesses, develop their careers and invest in their futures.”
Company Sumitomo Mitsui Banking Corporation
Sustainable Financing Deal of the Year: Nautilus Solar Energy Long Term Credit Facility
Company Sumitomo Mitsui Banking Corporation (SMBC) closed a $275 million long-term credit facility with Nautilus Solar Energy. This funding allows the development of more than 25 community solar projects in five states (Illinois, Maryland, Delaware, New York, and Rhode Island).
The projects add more than 130 MW of renewable energy to domestic electricity grids, bringing clean, affordable energy to more than 11,000 households and small businesses. This expansion increases Nautilus Solar’s active and managed portfolio to 700 MW and paves the way for future debt issuances together.
SMBC continues to be a leader in sustainable finance and says, “This transaction is an achievement that demonstrates SMBC and Nautilus’ deep commitment to sustainability and innovation, making it an outstanding candidate for recognition in the renewable energy sector,” adding that it is “a milestone in improving access to clean energy across the United States.”
CIBC Capital Markets
Best Platform/Technology to Facilitate Sustainable Finance
Best Bank for Green Bonds
Best Bank for Transitional/Consolidation-Linked Loans
In an industry where jargon and complexity are commonplace and can hinder innovation and business growth, CIBCThe Sustainability Issuance Framework, launched in March 2024, clearly outlines the appropriate categories for issuance. It outlines 16 different areas eligible for bonds and loans, including clean energy and clean fuels (nuclear power is included here, with CIBC the only Canadian bank to do so), pollution prevention and control, green buildings, promotion of biodiversity, recycling, and affordable housing.
This comprehensive platform helped CIBC Capital Markets raise $199.4 billion toward its 2030 goal by the end of last year. CIBC is involved in 303 projects across solar, wind, and green infrastructure. It also helped CIBC Capital Markets to become a leader in green bonds, issuing the first one, for US $ 500 million, in 2020, and another in January 2024 for 500 million euros in euro bonds with a maturity of three years.
In Barbados, CIBC Capital Markets acted as sustainability agent alongside CIBC Caribbean, which acted as lead arranger, on one of the first sustainability loans in the Caribbean.
These roles are part of a broader strategy to mobilize $300 billion in sustainable finance projects by 2030.
Societe Generale
Best Bank for Sustainable Infrastructure/Professional Finance
As part of its comprehensive sustainability strategy, Societe Generale focuses on sustainability-related infrastructure and projects, showing an emphasis on 2025. Served as co-lead arranger for a $424 million green loan project to finance International Transport Service (ITS), a terminal operator in Long Beach, California.
ITS operates the port of San Pedro Bay, the main gateway for North American trans-Pacific trade and the main US import point for Asia. Societe Generale acted as a green loan consultant to develop the University of Iowa’s ESG strategy (671 million euros). Last year, the bank was involved in debt financing (for $210 million) of a voluntary carbon-removal afforestation project with Chestnut Carbon, an environmentally-based carbon removal organization.
The funding will enable Chestnut to build Project Megaton, a reforestation/carbon dioxide removal project covering approximately 67,000 acres in the southeastern US.
