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Banks earn just a tiny fraction of their bond underwriting fees from fossil fuel companies, making these deals not worth it given the associated environmental impact and reputational risk, according to a group of climate-focused nonprofits.

For 22 leading global banks, revenue from arranging bond sales for coal, oil and gas companies represents an estimated 0.01% to 0.06% of their total corporate debt underwriting fees, the Toxic Bonds campaign said, citing an analysis of data from firms including Bloomberg.

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