While there has been much attention in the United States on sustainable finance, it has been minimal compared to Europe, which seems to be going all in on green investment, according to Bloomberg. A recent report by PricewaterhouseCoopers has found that Europe accounts for 70 percent of global environmental, social and governance (ESG) mutual fund assets; in contrast, North America represents just 21 percent.

Bloomberg also noted that sales of green bonds are far higher in Europe than in the United States; European issuers raised $160 billion in green debt this year as of the beginning of this month, more than twice the $60.8 billion raised in the United States, which itself represents a roughly $3 billion decline from the previous year. Sustainable funds, too, have a clear division: Europe has $1 trillion in assets under management in such funds, while the United States has $179 billion.

Bloomberg said this disparity largely comes down to differences in policy that, in turn, are fueled by differences in culture. While Europe has enthusiastically promoted sustainability policies, U.S. agencies over the past four years have cautioned against them and, in fact, warned that fiduciaries could be in breach of duty if they prioritize ESG matters over pure dollars and cents. That situation is expected to turn around in the coming years, however, as the market grows more and more difficult to ignore. In fact, analysts at JPMorgan Chase expect that 2021 will be the first year that more green, social, and sustainability debt is sold in U.S. dollars instead of euros.