All posts by PARKERYL

North America did passably well in sustainable finance in 2024, but it didn’t feel that way—not at the end of the year, anyway.

Sustainable bond issuance volume totaled $124 billion in North America for 2024, 1% higher than the previous year, according to Moody’s Ratings. The US accounted for roughly 80% of issuance in the region.

However, in January 2025, the new administration of President Donald Trump pulled the US out of the Paris Agreement, which aims to reduce global greenhouse gas emissions and adapt to the adverse impacts of climate change.

Six prominent US banks, Citigroup, Goldman Sachs, Wells Fargo, Bank of America, JPMorgan Chase, and Morgan Stanley, exited the UN-convened Net-Zero Banking Alliance between Trump’s election and his inauguration.

“The backlash against ESG in some parts of the United States may have been one of the reasons behind the retreat of some North American financial institutions from net-zero alliances,” says Gregor Vulturius, lead scientist and senior adviser on climate and sustainable finance at Sweden’s SEB.

Moody’s Ratings expects sustainable bond issuance in North America to be “muted amid a retrenchment of climate policies” in the US over the next 12 months, given the new administration’s climate agenda—but issuance shouldn’t collapse. Corporate initiatives and state-level efforts could counteract diminished federal investment in clean energy in the US, according to the bond-ratings agency.

Bank Of America

Best Bank for Sustainable Finance

Best Impact Investing Solution

Bank of America (BofA) has supported sustainable finance in North America for most of the decade, and 2024 was no different. The giant US bank’s projects ranged from leading arranger and lender to a Linden, New Jersey, facility for converting organic wastes to natural gas; to financing for SunZia Transmission and SunZia Wind, which together constitute the largest clean-energy infrastructure project in US history, located in New Mexico and Arizona.

Along the way, BofA also made a $205 million impact investment to help jump-start the new marketplace for carbon capture tax credits in the US. While the credit was created originally in 2008, it was then expanded and extended by the 2022 US Inflation Reduction Act (IRA). The deal was with Harvestone Low Carbon Partners, which produces ethanol. That process generates carbon dioxide, which is then sequestered in an on-site injection well at Harvestone’s subsidiary Blue Flint’s North Dakota plant.

Harvestone’s carbon capture platform makes it eligible to sell carbon capture tax credits under the IRA, and in September 2024 BofA purchased $205 million of these. This was one of the most significant investments in carbon capture and the first deal of its kind since the passage of the IRA.

SMBC

Sustainable Finance Deal of the Year

Dow Chemical Company issued its inaugural green bonds to a total of $1.25 billion in February 2024 to fund its Path2Zero project in Fort Saskatchewan, Alberta, among other projects. Path2Zero is the start of what Dow hopes will become the world’s first net-zero Scope 1 and 2 emissions integrated ethylene “cracker” and derivates complex. Cracking is the process whereby complex organic molecules are broken down into simpler molecules such as light hydrocarbons.

It was also meant to show that a project with decarbonization and circularity goals can attract interest from a diverse investor base looking to support industrial transformations through sustainability investment. It is seen as a big step forward for the hard-to-abate chemicals sector.

Sumitomo Mitsui Banking Corporation (SMBC) was deeply engaged in developing and publishing Dow’s inaugural green finance framework in January 2024. The framework outlines Dow’s projects related to climate protection, the circular economy, and safer materials, including Path2Zero.

According to the London Stock Exchange Group (LSEG), SMBC was one of North America’s top lenders of sustainable loans in 2024. For example, SMBC structured and executed a green loan for Twelve, a startup company that develops sustainable aviation fuel. The funds will be used to design, develop, and construct a green fuel production facility in Moses Lake, Washington.

Scotiabank

Best Bank for Sustainable Infrastructure/Project Finance

Best Bank for Sustainable Financing in Emerging Markets

Best Bank for Social Bonds

Best Bank for Sustainable Bonds

Best Bank for Sustainability Transparency

Best Bank for Transition/Sustainability-Linked Loans

In March 2024, Canadian nuclear power operator Bruce Power issued a 600 million Canadian dollar (about $420 million) green bond. Scotiabank was joint bookrunner to the transaction, which was the bank’s first issuance under its updated Green Financing Framework—where nuclear energy is now a category for use of proceeds to aid in the decarbonization of the power sector.

In 2021, Bruce Power was the world’s first nuclear power operator to issue a green bond. Since then, it has issued 1.7 billion Canadian dollars in green bonds through three offerings.

While based in Canada, Scotia operates globally, including emerging markets. In Latin America, the bank is a leading bookrunner, with more than a 15% market share in sustainable bonds, according to Bloomberg. It often supports innovative projects. For example, in November 2024, Scotia was the joint bookrunner for Mexico’s first blue bond, to support sustainable fishing and aquaculture.

Elsewhere, Scotia has excelled in sustainability bonds, which have green and social features. In 2024, it issued 24 sustainability bonds with a volume of $28.2 billion, accounting for 7.5% of Scotia’s overall bond volume.

According to LSEG data, Scotia is also a top 15 (global) bookrunner in sustainable loans. In 2024, it was a co-sustainability structuring agent for Lundin Mining’s inaugural $2.55 billion sustainability-linked loan, with an interest rate tied to the mining company’s performance in environmental stewardship and local community engagement.

CIBC

Best Bank for Green Bonds

Best Bank for Sustaining Communities

CIBC advised the Government of Canada on its updated Green Bond Framework, which now includes nuclear power as an eligible use of proceeds. This was in effect for Canada’s second green bond issuance, for 4 billion Canadian dollars in February 2024, reopened for a follow-up 2 billion Canadian dollars in October.

The bank was also the joint bookrunner on several corporate and sovereign green and sustainable issuances within Canada in 2024, including the Province of Ontario’s 1.5 billion Canadian dollar green bond in March, and Ontario Power Generation’s $1 billion Canadian dollar green medium-term notes in June.

The bank is mindful about the communities it serves. In 2024, CIBC developed partnerships with six First Nations across Canada with total authorized lending of 34.5 million Canadian dollars for housing loans. CIBC Capital Markets also acted as joint bookrunner, co-lead arranger, and co-social coordinator in Exchange Income Corporation’s 200 million Canadian dollar social loan to finance aircraft purchase for medevac operations across British Columbia, including services for remote, rural, and Indigenous communities. Supporting communities extends to the US as well. In 2024, CIBC financed projects totaling $123 million, resulting in 500 units of affordable housing in low- and moderate-income communities across the US.

Regional Winners: North America
Best Bank for Sustainable Finance	Bank of America
Sustainable Finance Deal of the Year	SMBC (Dow Chemical Company’s inaugural green bond issuance)
Best Impact Investing Solution	Bank of America
Best Bank for Sustainable I nfrastructure/Project Finance	Scotiabank
Best Bank for Sustainable Financing in Emerging Markets	Scotiabank
Best Bank for Green Bonds	CIBC
Best Bank for Social Bonds	Scotiabank
Best Bank for Sustainable Bonds	Scotiabank
Best Bank for Sustaining Communities	CIBC
Best Bank for ESG-Related Loans	SMBC
Best Bank for Sustainability Transparency	Scotiabank
Best Bank for Transition/Sustainability-Linked Loans	Scotiabank

Stack’s Bowers Galleries will auction exclusive Paul McCartney coins for the Royal Mint on March 19, 2025. The sale features a one-of-a-kind 5-kilogram gold coin and four 5-kilogram silver coins, each paying tribute to the legendary musician. This event marks a unique intersection of numismatics and music history, offering collectors a rare opportunity to acquire coins celebrating McCartney’s enduring legacy.

Part of the Royal Mint’s “Music Legends” series, which included various coin sizes and base metal editions sold directly to the public, the upcoming auction features the collection’s most exclusive pieces.

“This is an exciting opportunity for collectors and fans of Paul McCartney to own a unique item celebrating one of the most influential music artists and songwriters of all time,” said Rebecca Morgan, Director of Commemorative Coin at The Royal Mint.

The Royal Mint collaborated closely with McCartney to create the coins. The collection was initially released in 2024, and many versions sold out quickly, further heightening interest in the upcoming sale.

Among them, the 5-kilogram gold piece stands as the largest proof gold coin ever produced in the Mint’s Music Legends series, which launched in 2020 to honor iconic British performers. Crafted over more than 250 hours, including three days of polishing, it carries an extra layer of distinction – Paul McCartney personally signed it during his 2024 Got Back tour in Paris, France. The winning bidder will also receive a short video message from McCartney congratulating them on their acquisition.

Only four of the 5-kilogram silver pieces exist in the format, with a fifth example gifted to McCartney. Like its gold counterpart, the silver versions rank as the largest proof silver coins in the Music Legends series and mark the first time McCartney has been celebrated on a British coin.

 

Each of the coins is accompanied by a certificate of authenticity signed by Paul McCartney himself. Additionally, McCartney and the Royal Mint will donate a portion of the auction’s proceeds to charity, giving buyers the opportunity to own a historic keepsake while supporting a worthy cause.

Known for its prominence in rare coin auctions, Stack’s Bowers Galleries expects competitive bidding for these collectibles, given the global demand for music-related numismatics.

This collaboration between Stack’s Bowers Galleries and the Royal Mint follows a series of successful joint ventures in recent years, including the August 2023 sale of Royal Succession coins, which brought in $5.1 million, and the October 2024 auction of First Strike coinage, which realized $1.8 million.

Greenlight Debit Card for Kids is our pick for the most comprehensive debit card and banking app for kids of all ages. Its wide-ranging menu of features doesn’t stop at a debit card and parental controls. It also incorporates chores and allowance tracking for up to five kids, one of the most competitive youth savings account rates, and a financial literacy game. Upgrades to higher-cost plans can add investing, cash back on debit purchases, purchase and identity theft protection, and even driving reports and family location sharing.

To choose the best debit cards for kids and teens, our evaluation looked at 16 of the top card issuers based on 34 criteria, including pricing, breadth of parental controls, financial education, and savings account rates. In addition to Greenlight, our review identified four more clear winners, depending on your family’s priorities.

Why Jeff Clark says it’s time to buy on weakness … the sector Eric Fry is recommending today … Trump fuels a bitcoin rally … Bitcoin’s incentive structure

Despite the market’s pullback that’s continuing as I write Monday, let’s get bullish.

On Saturday, fellow Digest-writer and InvestorPlace’s Editor-in-Chief Luis Hernandez highlighted the latest AAII Sentiment Survey showed only 19.4% of respondents are bullish.

This is the most lopsided report we’ve seen in several years…which makes it a contrarian’s dream.

Let’s jump to master trader (and frequent contrarian) Jeff Clark, editor of Jeff Clark Trader:

Back on November 13, 2024 – following the large, post-election rally that pushed the S&P 500 above 6000 for the first time ever – bulls outnumbered bears 50% to 28%.

From a contrarian perspective, that was bearish. And stocks have struggled to make any headway since then.

Now, with the S&P 500 still stuck near 6000 and trading down just 2% from its all-time high, the vast majority of investors have turned bearish.

It’s remarkable that two months of choppy, back-and-forth action can create that drastic a shift in sentiment. This is the sort of bearish reading we’d typically get following a 10% to 15% decline in the market.

So, there’s plenty of fuel to power the stock market higher from here.

Jeff highlights three indicators: Moving Average Convergence/Divergence, the Relative Strength Index, and the Commodity Channel Index, all of which have been trading recently in neutral territory.

While such readings mean the S&P could break lower, Jeff believes it’s more likely that bulls will reassert their dominance:

We are entering the seasonally bullish month of March. And the Volatility Index just generated its first buy signal of 2025. So, the bulls have a slight edge here…

Returning to the AAII Sentiment Survey, remember, the emotional pendulum swings both ways.

Excessive fear always gives way to new bullishness…eventually. And recent, heightened levels of fear suggest that a bullish reversal could be fast approaching.

Back to Jeff for what he’s doing about that:

If stocks start to move higher, then we could see a dramatic rally over the next few weeks as bearish investors flip to bullish and chase stock prices higher.

Traders should use any weakness over the next few days as a chance to add long exposure to the stock market.

One sector to be bullish on today

Solar.

Before we dive into those details, for newer Digest readers, Eric is our global macro expert and the analyst behind Investment Report.

He’s also one of the most successful analysts in the newsletter industry, having identified 42 different 1,000%+ returning investments over his multi-decade career. That’s more than anyone we know of in our business.

In Eric’s latest issue of Investment Report, he made the case for why it’s time to add solar stocks to your portfolio.

From Eric:

No other domestic energy source is growing faster.

Last year, solar installations accounted for a record-high 64% of all new U.S. electricity-generating capacity – up from 36% three years ago and 23% six years ago. This renewable energy source now produces enough electricity annually to power one quarter of all U.S. homes.

Meanwhile, domestic solar-module manufacturing capacity is also ramping higher.

During the last two years, manufacturing capacity has quadrupled, from less than 10 GW to nearly 40 GW. This year, capacity is on track to surge again to 66 GW.

But what about President Trump’s disdain for what he’s called the “Green New Scam” and his plans to “Drill, baby, drill” for fossil fuel energy? Is that not a headwind to solar?

Back to Eric:

Most of this new [solar] manufacturing capacity is popping up in “red states,” which is one of many reasons why the Trump administration might treat the industry kindly…

[Plus, Trump] has stated several times that he “hates wind.” By contrast, he famously stated last year that he’s “a big fan of solar.”

Eric goes on to highlight a second reason why solar power will continue to thrive during the current Trump administration…

Growth is the path of least resistance.

The U.S. desperately needs more power. The nation’s soaring demand for energy – led by the data center construction boom – will require an all-hands-on-deck solution.

Remember, last week, Nvidia CEO Jensen Huang said that next-generation AI will need 100 times more computing than older models due to new reasoning approaches.

From Huang:

The amount of computation necessary to do that reasoning process is 100 times more than what we used to do.

Solar is one of the cheapest ways to power such computing needs. So, even if Trump favors policies that encourage oil and gas development, he’s unlikely to enact policies that actively discourage solar.

As usual, Eric includes far more details that make the case for why he’s bullish on solar today. If you’re an Investment Report subscriber, click here to log in to read your Monthly Issue.

For an easy way to play the solar opportunity, check out the Global X Solar ETF, RAYS. It holds leading solar stocks including Enphase Energy, First Solar, and Sunrun. Just be aware that of your top 10 holdings, six are Chinese companies. So, watch out for trade wars.

As to how Eric is playing it, his preferred investment is trading near a four-year low, and Eric believes “a double is well within reach.”

You can learn more about it as an Investment Report subscriber by clicking here.

Finally, has Bitcoin bottomed?

Bitcoin rallied over the weekend after President Trump announced the creation of a “strategic crypto reserve” that will include bitcoin, ether, XRP, Solana’s SOL token and Cardano’s ADA.

From Trump on Truth Social:

A U.S. Crypto Reserve will elevate this critical industry after years of corrupt attacks by the Biden Administration, which is why my Executive Order on Digital Assets directed the Presidential Working Group to move forward on a Crypto Strategic Reserve that includes XRP, SOL, and ADA. I will make sure the U.S. is the Crypto Capital of the World.

In a follow-up post, Trump added:

And, obviously, BTC and ETH, as other valuable Cryptocurrencies, will be at the heart of the Reserve. Bitcoin popped over $93,000 in the wake of the news though it has pulled back to about $90,000 as I write Monday morning.

Stepping back, Bitcoin has fallen sharply in recent weeks

After notching an all-time high in December near $108,000, the grandaddy crypto fell below $85,000 last week. Meanwhile, many leading altcoins have full-on crashed 50% or worse.

Despite the sector gains over the weekend, many bears continue to predict Bitcoin’s demise. Perhaps they’ll be right (though they’ve all been wrong so far).

But if they’re going to be right, they’re fighting an uphill battle against today’s incentive structure.

Consider this…

Who is incentivized for Bitcoin’s price to rise? Simultaneously, who is in a position to help create the conditions for that rise to happen?

We got a clue over the weekend.

Trump.

But he’s not the only one. Here are a few other such individuals…

• Vice President JD Vance: He’s recognized as the first Bitcoin owner to hold the vice presidency
• Secretary of the Treasury Scott Bessent: This former hedge fund manager and multi-millionaire is known for his pro-crypto stance
• Secretary of Commerce Howard Lutnick: He’s the former CEO of Cantor Fitzgerald, where he invested significantly in crypto. He is quoted as saying, “Do I own Bitcoin? Of course, I do. Does Cantor Fitzgerald own Bitcoin? A shitload of Bitcoin.”

Bottom line: Whether you love or hate Bitcoin… whether you love or hate the current administration… when you follow the incentive structure… you’ll see a reason to remain bullish on Bitcoin.

And it’s not just Bitcoin. We expect select altcoins to reward investors handsomely here in 2025. Trump mentioned a few in his post, but there will be others.

In fact, our crypto expert Luke Lango believes this could be the year of huge altcoin gains, similar to 2021 when dozens of altcoins rallied more than 5,000% in a single year.

To help him identify the most lucrative opportunities, Luke is using a quant-based trading algorithm he and his team recently created. It puts the focus squarely on the one thing that matters when you’re trading altcoins – price.

Specifically, the tool is engineered to identify price breakouts that suggest a continuation of gains based on momentum. To learn more, click here.

We’ll keep you updated on all these stories here in the Digest.

Have a good evening,

Jeff Remsburg

Latin America is rich in natural resources, making it a powerhouse for sustainability. About 620 million people live in the region, or about 7.7% of the world’s population. With an urbanization rate of over 80%, the transition to a more sustainable economy presents opportunities and challenges.

According to the International Energy Agency, Latin America’s share of renewable energy generation in 2023 was 60%, with hydropower alone accounting for 45% of the electricity supply. The region is expanding biofuel and clean energy production and is projected to be a key clean-hydrogen export zone by 2030, which will ultimately help unlock economic growth. Many Latin American banks have been integral to this process.

The region is the world’s largest net exporter and produces most of the world’s food, and agriculture accounts for a significant part of the Latin American economy. The region’s sustainable agriculture practices are becoming more critical as countries strive to cultivate a nutritious food supply for their populations despite climate change and supply chain disruptions.

Agriculture relies heavily on natural resources. Latin America contains a quarter of the world’s forests, a third of its fresh water, and around 60% of global terrestrial life, plus diverse freshwater and marine species. Maintaining these natural resources is a priority. Deforestation, for example, disrupts water supplies and leads to soil erosion. Higher temperatures and unpredictable weather patterns make growing certain crops and producing livestock difficult. Many banks address these challenges through their ESG frameworks and policies and their sustainable products and services.

BTG Pactual

Best Bank for Sustainable Finance

Sustainable Finance Deal of the Year

Best Impact Investing Solution

Circular Economy Commitment Award

Best Bank for Sustaining Communities

BTG Pactual has driven growth through its commitment to sustainable practices and transition to a low-carbon economy. Of the bank’s many initiatives and projects, we recognize its work on the Águas do Rio SPT “Saneamento para Todos” (sanitation for all) transaction as our Sustainable Finance Deal of the Year. This transaction privatized the water and sewage services provided by the Companhia Estadual de Águas e Esgotos via an auction won by the Águas do Brasil Consortium in April 2021. Águas do Rio is Brazil’s largest investment in basic sanitation and provides services to about 10 million people with more than 37 billion Brazilian reais (about $6.5 billion) in socioeconomic benefits. This year marked the fourth issuance and concluded the project’s financing with an estimated capital expenditure of 24.4 billion reais and a grant of 15.4 billion reais.

The bank was lead bookrunner and financial adviser for the Barueri Energia Renovável green bond issuance that financed the first waste-to-energy project in Brazil. This plant will process about 870 tons of trash daily by combusting municipal solid waste or organic matter and using the resulting steam to heat a boiler and generate electricity. The plant will have an installed capacity of 20 MW. This issuance was a significant milestone in waste management and renewable energy in Latin America, transforming urban waste into sustainable energy that serves an urban population and contributes to the circular economy.

Scotiabank

Best Bank for Sustainable Infrastructure/Project Finance

Best Bank for Sustainability Transparency

Scotiabank provides its clients and their communities with services focused on delivering sustainable growth and maximizing shareholder value. The bank’s specialized investment products and resources are geared toward clients interested in sustainable or responsible investing.

The bank is one of the region’s top bookrunners for green, social, and sustainability bonds, the proceeds of which have financed many large infrastructure projects throughout Latin America. The bank was the global coordinator, joint bookrunner and deal manager for a $500 million green bond for the Chilean utility company AES Andes, its first green bond in four years. This is the first deal under the updated framework that addresses energy storage, green hydrogen production, infrastructure, and charging stations.

Renewable energy producer Grenergy’s biggest financing to date was the $344 million green loan used to finance the construction and development of two phases of the Oasis de Atacama project, the world’s largest renewable energy storage project. Scotiabank held various roles in this transaction, including that of a lender. Scotiabank was also the bookrunner, lead arranger, and green loan coordinator for this syndicated loan, the first for a hybrid battery energy storage system project of this scale. This $1.4 billion project is intended to support sustainable power for 145,000 homes and reduce annual CO2 emissions by 146,000 metric tons.

Itaú BBA

Best Bank for Sustainable Financing in Emerging Markets

Best Bank for ESG-Related Loans

Best Bank for Transition/Sustainability-Linked Loans

Itaú BBA’s commitment to sustainable development is reflected in a strategy incorporating environmental, social, and climate initiatives. The bank’s sustainable development involves financing positive impact sectors, structuring ESG operations, and providing ESG products. Itaú met its 2021 commitment of 400 billion reais by 2025 through sustainable business initiatives, with Itaú BBA responsible for 84%, or 353 billion reais. Itaú’s new objective is to add 600 billion reais to this goal and mobilize 1 trillion reais in sustainable finance by December 2030.

The bank advised Vibra Energia, Latin America’s largest distributor and marketer of petroleum derivatives and biofuels, on decarbonization and climate transition through a 1.5 billion real green and transition bond. The bank also supported sustainable construction initiatives through its Green Entrepreneur Plan, which provides financing to residential and commercial projects in Brazil that leverage sustainable building techniques and resources.

Agriculture generates about 26% of Brazil’s greenhouse gas emissions. This requires balancing economic growth and food production with sustainability. Citrosuco is a global orange juice producer that has embraced many sustainable practices on its farms and a robust decarbonization plan. The bank structured a sustainability-linked loan that aligns key targets with Citrosuco’s corporate strategy to lead the value chain with an 82% sustainable fruit supply by engaging more third-party producers and reducing CO2 emissions related to industrial practices and operational efficiency.

Bradesco BBI

Best Bank for Green Bonds

Best Bank for Social Bonds

Best Bank for Sustainable Bonds

Bradesco BBI has already achieved its goal of mobilizing 250 billion reais in sustainable finance by 2025 and has increased that goal to 320 billion reais over the same period. The bank is the first in Brazil to target net-zero carbon emissions by 2050.

The bank has structured many bonds that focus on sustainability. It was actively involved in structuring green bonds for one of the world’s largest energy companies, Raízen. The proceeds from these bonds fund projects for renewable energy, such as sugarcane ethanol biofuel and biomass cogeneration, energy efficiency, and clean transportation.

Bradesco was the bookrunner and ESG coordinator of 200 million reais in social bonds issued by Mottu, a Brazilian motorcycle rental company and last-mile delivery marketplace. Mottu targets low-income and minority populations within Brazil.

Órigo Energia is a renewable energy company with over 100 solar farms in Brazil. The bank helped Órigo Energia to issue 600 million reais of commercial notes. These proceeds will be used to build photovoltaic distributed energy generation plants. The bank was also the lead and ESG coordinator for Scala Data Centers’ approximately 1.4 billion reais of green debenture. Scala Data Center is a hyperscale sustainable data center platform, and the issuance proceeds will be used for energy efficiency projects, renewable energy, and green buildings.

Regional Winners: Latin America
Best Bank for Sustainable Finance	BTG Pactual
Sustainable Finance Deal of the Year	BTG Pactual (Águas do Rio SPT “Saneamento para Todos” financing conclusion)
Best Impact Investing Solution	BTG Pactual
Circular Economy Commitment Award	BTG Pactual
Best Bank for Sustainable Infrastructure/Project Finanace	Scotiabank
Best Bank for Sustainable Financing in Emerging Markets	Itaú BBA
Best Bank for Green Bonds	Bradesco BBI
Best Bank for Social Bonds	Bradesco BBI
Best Bank for Sustainable Bonds	Bradesco BBI
Best Bank for Sustaining Communities	BTG Pactual
Best Bank for ESG-Related Loans	Itaú BBA
Best Bank for Sustainability Transparency	Scotiabank
Best Bank for Transition/Sustainability-Linked Loans	Itaú BBA

To celebrate more than 100,000 downloads in its soft launch, the new mobile video game EIGHTH ERA™ will award NGC-certified ancient coins as prizes to players who reach an advanced level and compete in tournament-style leaderboards. An announcement will be made in the Spring that the game will also offer limited-edition American Silver Eagles with special privy marks in collaboration with the United States Mint (www.USMint.gov).

Free-to-play and available to download on iOS and Android devices, many of EIGHTH ERA’s major characters, levels of play, and rewards are inspired by historical coins. It was created by Nice Gang® (www.NiceGang.com), a gaming publisher and developer founded by entertainment, gaming, and collectibles veterans, including Mark Salzberg, Co-Founder of Certified Collectibles Group and Numismatic Guaranty Company.

“We now have launched our first limited-timed Era Vault event where players can win free historic coins, some 1,700 years old,” announced Jason Wasserman, a former 20-year executive at 20th Century Fox and The Walt Disney Studios who is Nice Gang’s Co-Founder and Chief Executive Officer.

The two ancient coin types encapsulated by NGC (www.NGCcoin.com) offered as rewards are: a portrait coin of the Roman Emperor Constantine I (A.D. 307-337) struck at the Roman city of Siscia, and a silver hemidrachm struck A.D. 780-793 in Tabaristan.

The famous emperor Constantine I – known to history as “the Great” – ruled the Roman Empire for three decades. He was undefeated in battle and was the first to make Christianity the official religion of the Roman world.

The silver coins of Tabaristan, a mountainous region along the Caspian Sea, were struck in the 8th century A.D. and show a royal portrait opposite two priests at a fire altar. Tabaristan was an oasis kingdom on the Silk Road where merchants rested their caravans after traversing scorching deserts to bring luxury goods from China to Constantinople.

“The partnership between NGC and Nice Gang is transformational for our team as it allows us to connect with a large audience of gamers who are huge collectors in their own right, while introducing ancient coins into their collectibles world,” said David Vagi, NGC Ancients Director. “Everyone may not be able to travel to visit an ancient monument, but anyone can add an ancient coin to their collection and be transported back to lost worlds through their passion for collecting.”

Set 10,000 years in the future, EIGHTH ERA takes players on epic role-playing adventures through perilous past worlds to collect forgotten pieces of history and save the future from an evil supercomputer.

“EIGHTH ERA offers players addictive gameplay as well as physical collectible hero trophies shipped directly to your door,” explained Wasserman.

Working with the United States Mint, the game will also offer while supplies last this Spring the soon-to-be released, limited-edition American Silver Eagle bullion coins with an eagle-in-flight privy mark. Additional information about those coins will be announced in the coming weeks. Previous reward prizes included ASEs with the special star privy mark.

The game’s available rewards which can be won through in-game tournament-style leaderboards also include NGC-certified medallions that depict some of the game’s more than 50 playable action characters. New character medallions will be released monthly for players to win.

EIGHTH ERA is available worldwide in the App Store and Google Play.

For additional information about the game, future updates, and a free newsletter about the latest collectible “trophy” offering for game players, visit www.NiceGang.com.

Article updated on March 3rd, 2025 by Bob Ciura
Spreadsheet data updated daily

The Dividend Aristocrats are a select group of 69 S&P 500 stocks with 25+ years of consecutive dividend increases.

They are the ‘best of the best’ dividend growth stocks. The Dividend Aristocrats have a long history of outperforming the market.

The requirements to be a Dividend Aristocrat are:

• Be in the S&P 500
• Have 25+ consecutive years of dividend increases
• Meet certain minimum size & liquidity requirements

There are currently 69 Dividend Aristocrats. You can download an Excel spreadsheet of all 69 (with metrics that matter such as dividend yields and price-to-earnings ratios) by clicking the link below:

 

Disclaimer: Sure Dividend is not affiliated with S&P Global in any way. S&P Global owns and maintains The Dividend Aristocrats Index. The information in this article and downloadable spreadsheet is based on Sure Dividend’s own review, summary, and analysis of the S&P 500 Dividend Aristocrats ETF (NOBL) and other sources, and is meant to help individual investors better understand this ETF and the index upon which it is based. None of the information in this article or spreadsheet is official data from S&P Global. Consult S&P Global for official information.

Note 1: On January 24th, 2025, Erie Indemnity (ERIE), Eversource Energy (ES), and FactSet Research System (FDS) were added to the list with no deletions, leaving 69 Dividend Aristocrats.

Source: S&P News Releases.

You can see detailed analysis on all 69 further below in this article, in our Dividend Aristocrats In Focus Series. Analysis includes valuation, growth, and competitive advantage(s).

Table of Contents

How to Use The Dividend Aristocrats List To Find Dividend Investment Ideas

The downloadable Dividend Aristocrats Excel Spreadsheet List above contains the following for each stock in the index:

• Price-to-earnings ratio
• Dividend yield
• Market capitalization

All Dividend Aristocrats are high-quality businesses based on their long dividend histories. A company cannot pay rising dividends for 25+ years without having a strong and durable competitive advantage.

But not all Dividend Aristocrats make equally good investments today. That’s where the spreadsheet in this article comes into play. You can use the Dividend Aristocrats spreadsheet to quickly find quality dividend investment ideas.

The list of all Dividend Aristocrats is valuable because it gives you a concise list of all S&P 500 stocks with 25+ consecutive years of dividend increases (that also meet certain minimum size and liquidity requirements).

These are businesses that have both the desire and ability to pay shareholders rising dividends year-after-year. This is a rare combination.

Together, these two criteria are powerful – but they are not enough. Value must be considered as well.

The spreadsheet above allows you to sort by trailing price-to-earnings ratio so you can quickly find undervalued, high-quality dividend stocks.

Here’s how to use the Dividend Aristocrats list to quickly find high-quality dividend growth stocks potentially trading at a discount:

1. Download the list
2. Sort by ‘Trailing PE Ratio,’ smallest to largest
3. Research the top stocks further

Here’s how to do this quickly in the spreadsheet:

Step 1: Download the list, and open it.

Step 2: Apply a filter function to each column in the spreadsheet.

Step 3: Click on the small gray down arrow next to ‘Trailing P/E Ratio’, and then sort smallest to largest.

Step 4: Review the highest ranked Dividend Aristocrats before investing. You can see detailed analysis on every Dividend Aristocrat found below in this article.

That’s it; you can follow the same procedure to sort by any other metric in the spreadsheet.

Performance Of The Dividend Aristocrats

In February 2025, the Dividend Aristocrats, as measured by the Dividend Aristocrats ETF (NOBL), registered a total return of 1.7%. It out-performed the SPDR S&P 500 ETF (SPY) for the month.

• NOBL generated returns of 1.7% in February 2025
• SPY generated negative returns of -1.3% in February 2025

Short-term performance is mostly noise. Performance should be measured over a minimum of 3 years, and preferably longer periods of time.

The Dividend Aristocrats Index has slightly under-performed the broader market index over the last decade, with a 9.87% total annual return for the Dividend Aristocrats and a 12.89% total annual return for the S&P 500 Index.

But the Dividend Aristocrats have exhibited lower risk than the benchmark, as measured by standard deviation.

Source: S&P Fact Sheet

Higher total returns with lower volatility is the ‘holy grail’ of investing. It is worth exploring the characteristics of the Dividend Aristocrats in detail to determine why they have performed so well.

Note that a good portion of the outperformance relative to the S&P 500 comes during recessions (2000 – 2002, 2008). Dividend Aristocrats have historically seen smaller drawdowns during recessions versus the S&P 500. This makes holding through recessions that much easier.

Case-in-point: In 2008 the Dividend Aristocrats Index declined 22%. That same year, the S&P 500 declined 38%.

Great businesses with strong competitive advantages tend to be able to generate stronger cash flows during recessions. This allows them to gain market share while weaker businesses fight to stay alive.

The Dividend Aristocrats Index has beaten the market over the last 28 years…

We believe dividend paying stocks outperform non-dividend paying stocks for three reasons:

1. A company that pays dividends is likely to be generating earnings or cash flows so that it can pay dividends to shareholders. This excludes ‘pre-earnings’ start-ups and failing businesses. In short, it excludes the riskiest stocks.
2. A business that pays consistent dividends must be more selective with the growth projects it takes on because a portion of its cash flows are being paid out as dividends. Scrutinizing over capital allocation decisions likely adds to shareholder value.
3. Stocks that pay dividends are willing to reward shareholders with cash payments. This is a sign that management is shareholder friendly.

In our view, Dividend Aristocrats have historically outperformed the market and other dividend paying stocks because they are, on average, higher-quality businesses.

A high-quality business should outperform a mediocre business over a long period of time, all other things being equal.

For a business to increase its dividends for 25+ consecutive years, it must have or at least had in the very recent past a strong competitive advantage.

Sector Overview

A sector breakdown of the Dividend Aristocrats Index is shown below:

The Dividend Aristocrats Index is tilted toward Consumer Staples and Industrials relative to the S&P 500. These 2 sectors make up over 40% of the Dividend Aristocrats Index, but less than 20% of the S&P 500.

The Dividend Aristocrats Index is also significantly underweight the Information Technology sector, with a ~3% allocation compared with over 20% allocation within the S&P 500.

The Dividend Aristocrat Index is filled with stable ‘old economy’ blue chip consumer products businesses and manufacturers; the Coca-Cola’s (KO), and Johnson & Johnson’s (JNJ) of the investing world.

These ‘boring’ businesses aren’t likely to generate 20%+ earnings-per-share growth, but they also are very unlikely to see large earnings drawdowns as well.

The 10 Best Dividend Aristocrats Now

This research report examines the 10 best Dividend Aristocrats from our Sure Analysis Research Database with the highest 5-year forward expected total returns.

Dividend Aristocrat #10: Target Corporation (TGT)

• 5-year Expected Annual Returns: 12.1%

Target was founded in 1902 and now operates about 1,850 big box stores, which offer general merchandise and food, as well as serving as distribution points for the company’s e-commerce business.

Target posted third quarter earnings on November 20th, 2024. Third quarter revenue was $25.67 billion, up 1.1% year-over-year, but missing estimates by $230 million. Adjusted earnings-per-share came to $1.85, which missed estimates by a staggering 45 cents, or 20%.

For Q3, comparable sales were up just 0.3%, missing estimates of 1.5%. Guest traffic was up 2.4% in the quarter while digital comparable sales rose 10.8%. Gains there were led by Target Circle 360 and Drive Up.

Operating margin was 4.6% of revenue, down from 5.2% a year ago. Gross margins were off 20 basis points to 27.2% of revenue, reflecting higher digital fulfillment and supply chain costs.

Click here to download our most recent Sure Analysis report on TGT (preview of page 1 of 3 shown below):

Dividend Aristocrat #9: Brown-Forman (BF.B)

• 5-year Expected Annual Returns: 12.2%

Brown-Forman is an alcoholic beverage company that is based in Louisville. The company was founded in 1870. Brown-Forman produces and sells whiskey, vodka, tequila, champagne, and wine.

Its portfolio includes a range of mostly premium brands, such as Jack Daniel’s, Finlandia Vodka, Old Forester, and many others.

Brown-Forman reported revenues of $1.1 billion for its second quarter (fiscal 2025) earnings results. The company’s revenues were down by 1% compared to the previous year’s quarter. Brown-Forman’s revenues came in ahead of the analyst consensus, unlike during the previous quarter.

The sequential growth rate was also positive, while the year-over-year performance improved as well, relative to the previous quarter. In constant currencies, Brown-Forman experienced a revenue increase, but a strengthening US Dollar was a bit of a headwind for the company.

Brown-Forman’s earnings-per-share improved compared to the previous year’s quarter, despite slightly lower revenues.

The company saw its operating profit improve by 1% during the quarter, thanks to tight cost controls that fully offset the headwinds from lower revenue generation. Earnings-per-share were up by a nice 9% year-over-year.

Click here to download our most recent Sure Analysis report on BF.B (preview of page 1 of 3 shown below):

Dividend Aristocrat #8: Sysco Corporation (SYY)

• 5-year Expected Annual Returns: 13.1%

Sysco Corporation is the largest wholesale food distributor in the United States. The company serves 600,000 locations with food delivery, including restaurants, hospitals, schools, hotels, and other facilities.

Source: Investor Presentation

On January 28th, 2025, Sysco reported second-quarter results for Fiscal Year (FY)2025. The company reported a 4.5% increase in sales for the second quarter of fiscal year 2025, reaching $20.2 billion.

U.S. Foodservice volume grew by 1.4%, while gross profit rose 3.9% to $3.7 billion. Operating income increased 1.7% to $712 million, with adjusted operating income growing 5.1% to $783 million. Earnings per share (EPS) remained at $0.82, while adjusted EPS grew 4.5% to $0.93.

The company reaffirmed its full-year guidance, projecting sales growth of 4%-5% and adjusted EPS growth of 6%-7%.

Click here to download our most recent Sure Analysis report on SYY (preview of page 1 of 3 shown below):

Dividend Aristocrat #7: Becton Dickinson & Co. (BDX)

• 5-year Expected Annual Returns: 13.7%

Becton, Dickinson & Co. is a global leader in the medical supply industry. The company was founded in 1897 and has 75,000 employees across 190 countries.

The company generates about $20 billion in annual revenue, with approximately 43% of revenues coming from outside of the U.S.

On February 5th, 2025, BD released results for the first quarter of fiscal year 2025, which ended December 31st, 2024. For the quarter, revenue increased 9.8% to $5.17 billion, which was $60 million more than expected.

Source: Investor Presentation

On a currency neutral basis, revenue improved 9.6%. Adjusted earnings-per-share of $3.43 compared favorably to $2.68 in the prior year and was $0.44 ahead of estimates.

For the quarter, U.S. grew 12% while international was up 6.7% on a reported basis. Excluding currency, international was higher by 6.3%. Organic growth was up 3.9% for the period.

The Medical segment grew 17.1% organically to $2.62 billion, mostly due to gains in Mediation Management Solutions and Medication Delivery Solutions. Life Science was up 0.5% to $1.3 billion.

Click here to download our most recent Sure Analysis report on BDX (preview of page 1 of 3 shown below):

Dividend Aristocrat #6: Nordson Corporation (NDSN)

• 5-year Expected Annual Returns: 14.2%

Nordson was founded in 1954 in Amherst, Ohio by brothers Eric and Evan Nord, but the company can trace its roots back to 1909 with the U.S. Automatic Company.

Today the company has operations in over 35 countries and engineers, manufactures, and markets products used for dispensing adhesives, coatings, sealants, biomaterials, plastics, and other materials, with applications ranging from diapers and straws to cell phones and aerospace.

Source: Investor Presentation

On December 11th, 2024, Nordson reported fourth quarter results for the period ending October 31st, 2024. For the quarter, the company reported sales of $744 million, 4% higher compared to $719 million in Q4 2023, which was driven by a positive acquisition impact, and offset by organic decrease of 3%.

Industrial Precision saw sales decrease by 3%, while the Medical and Fluid Solutions and Advanced Technology Solutions segments had sales increases of 19% and 5%, respectively.

The company generated adjusted earnings per share of $2.78, a 3% increase compared to the same prior year period.

Click here to download our most recent Sure Analysis report on NDSN (preview of page 1 of 3 shown below):

Dividend Aristocrat #5: Archer Daniels Midland (ADM)

• 5-year Expected Annual Returns: 14.3%

Archer-Daniels-Midland is the largest publicly traded farmland product company in the United States. Archer-Daniels-Midland’s businesses include processing cereal grains, oilseeds, and agricultural storage and transportation.

Archer-Daniels-Midland reported its third-quarter results for Fiscal Year (FY) 2024 on November 18th, 2024.

The company reported adjusted net earnings of $530 million and adjusted EPS of $1.09, both down from the prior year due to a $461 million non-cash charge related to its Wilmar equity investment.

Consolidated cash flows year-to-date reached $2.34 billion, reflecting strong operations despite market challenges.

Click here to download our most recent Sure Analysis report on ADM (preview of page 1 of 3 shown below):

Dividend Aristocrat #4: PPG Industries (PPG)

• 5-year Expected Annual Returns: 14.9%

PPG Industries is the world’s largest paints and coatings company. Its only competitors of similar size are Sherwin-Williams and Dutch paint company Akzo Nobel.

PPG Industries was founded in 1883 as a manufacturer and distributor of glass (its name stands for Pittsburgh Plate Glass) and today has approximately 3,500 technical employees located in more than 70 countries at 100 locations.

On January 31st, 2025, PPG Industries announced fourth quarter and full year results for the period ending December 31st, 2024. For the quarter, revenue declined 4.6% to $3.73 billion and missed estimates by $241 million.

Adjusted net income of $375 million, or $1.61 per share, compared favorably to adjusted net income of $372 million, or $1.56 per share, in the prior year. Adjusted earnings-per-share was $0.02 below expectations.

For the year, revenue from continuing operations decreased 2% to $15.8 billion while adjusted earnings-per-share totaled $7.87.

PPG Industries repurchased ~$750 million worth of shares during 2024 and has $2.8 billion, or ~10.3% of its current market capitalization, remaining on its share repurchase authorization. The company expects to repurchase ~$400 million worth of shares in Q1 2025.

For 2025, the company expects adjusted earnings-per-share in a range of $7.75 to $8.05.

Click here to download our most recent Sure Analysis report on PPG (preview of page 1 of 3 shown below):

Dividend Aristocrat #3: PepsiCo Inc. (PEP)

• 5-year Expected Annual Returns: 15.1%

PepsiCo is a global food and beverage company. Its products include Pepsi, Mountain Dew, Frito-Lay chips, Gatorade, Tropicana orange juice and Quaker foods.

Its business is split roughly 60-40 in terms of food and beverage revenue. It is also balanced geographically between the U.S. and the rest of the world.

Source: Investor Presentation

On February 4th, 2025, PepsiCo announced that it would increase its annualized dividend by 5.0% to $5.69 starting with the payment that was made in June 2025, extending the company’s dividend growth streak to 53 consecutive years.

That same day, PepsiCo announced fourth quarter and full year results for the period ending December 31st, 2025. For the quarter, revenue decreased 0.3% to $27.8 billion, which was $110 million below estimates.

Adjusted earnings-per-share of $1.96 compared favorably to $1.78 the prior year and was $0.02 better than excepted.

For the year, revenue grew 0.4% to $91.9 billion while adjusted earnings-per-share of $8.16 compared to $7.62 in 2023. Currency exchange reduced revenue by 2% and earnings-per-share by 4%.

Click here to download our most recent Sure Analysis report on PEP (preview of page 1 of 3 shown below):

Dividend Aristocrat #2: Hormel Foods (HRL)

• 5-year Expected Annual Returns: 15.4%

Hormel Foods is a juggernaut in the food products industry with nearly $10 billion in annual revenue. It has a large portfolio of category-leading brands. Just a few of its top brands include include Skippy, SPAM, Applegate, Justin’s, and more than 30 others.

It has also pursued acquisitions to drive growth. For example, in 2021, Hormel acquired the Planters snack nuts business from Kraft-Heinz (KHC) for $3.35 billion, which has boosted Hormel’s growth.

Source: Investor Presentation

Hormel posted fourth quarter and full-year earnings on December 4th, 2024, and results were in line with expectations.

The company posted adjusted earnings-per-share of 42 cents, which met estimates. Revenue was off 2% year-on-year to $3.14 billion, also hitting estimates.

Operating income was $308 million for the quarter on an adjusted basis, or 9.8% of revenue. Operating cash flow was $409 million for Q4.

For the year, sales were $11.9 billion, and adjusted operating income was $1.1 billion, or 9.6% of revenue. Adjusted earnings-per-share was $1.58. Operating cash flow hit a record of $1.3 billion.

Click here to download our most recent Sure Analysis report on Hormel (preview of page 1 of 3 shown below):

Dividend Aristocrat #1: Eversource Energy (ES)

• 5-year Expected Annual Returns: 18.2%

Eversource Energy is a diversified holding company with subsidiaries that provide regulated electric, gas, and water distribution service in the Northeast U.S.

FactSet, Erie Indemnity, and Eversource Energy are the three new Dividend Aristocrats for 2025.

The company’s utilities serve more than 4 million customers after acquiring NStar’s Massachusetts utilities in 2012, Aquarion in 2017, and Columbia Gas in 2020.

Eversource has delivered steady growth to shareholders for many years.

Source: Investor Presentation

On February 11th, 2025, Eversource Energy released its fourth-quarter and full-year 2024 results. For the quarter, the company reported net earnings of $72.5 million, a significant improvement from a net loss of $(1,288.5) million in the same quarter of last year, which reflected the impact of the company’s exit from offshore wind investments.

The company reported earnings per share of $0.20, compared with a loss per share of $(3.68) in the prior year. For the full year 2024, Eversource reported GAAP earnings of $811.7 million, or $2.27 per share, compared with a full-year 2023 loss of $(442.2) million, or $(1.26) per share.

On a non-GAAP recurring basis, the company earned $1,634.0 million, or $4.57 per share, representing a 5.3% increase from 2023.

Click here to download our most recent Sure Analysis report on ES (preview of page 1 of 3 shown below):

The Dividend Aristocrats In Focus Analysis Series

You can see analysis on every single Dividend Aristocrat below. Each is sorted by GICS sectors and listed in alphabetical order by name. The newest Sure Analysis Research Database report for each security is included as well.

Consumer Staples

Industrials

Health Care

Consumer Discretionary

Financials

Materials

Energy

Information Technology

Real Estate

Utilities

Historical Dividend Aristocrats List
(1989 – 2025)

The image below shows the history of the Dividend Aristocrats Index from 1989 through 2025:

Note: CL, GPC, and NUE were all removed and re-added to the Dividend Aristocrats Index through the historical period analyzed above. We are unsure as to why. Companies created via a spin-off (like AbbVie) can be Dividend Aristocrats with less than 25 years of rising dividends if the parent company was a Dividend Aristocrat.

Disclaimer: Sure Dividend is not affiliated with S&P Global in any way. S&P Global owns and maintains The Dividend Aristocrats Index. The information in this article and downloadable spreadsheet and image below is based on Sure Dividend’s own review, summary, and analysis of the S&P 500 Dividend Aristocrats ETF (NOBL) and other sources, and is meant to help individual investors better understand this ETF and the index upon which it is based. None of the information in this article or spreadsheet is official data from S&P Global. Consult S&P Global for official information.

 

This information was compiled from the following sources:

Frequently Asked Questions

This section will address some of most common questions investors have regarding the Dividend Aristocrats.

1. What is the highest-paying Dividend Aristocrat?

Answer: Franklin Resources (BEN) currently yields 6.3%.

2. What is the difference between the Dividend Aristocrats and the Dividend Kings?

Answer: The Dividend Aristocrats must be constituents of the S&P 500 Index, have raised their dividends for at least 25 consecutive years, and satisfy a number of liquidity requirements.

The Dividend Kings only need to have raised their dividends for at least 50 consecutive years.

3. Is there an ETF that tracks the Dividend Aristocrats?

Answer: Yes, the Dividend Aristocrats ETF (NOBL) is an exchange-traded fund that specifically holds the Dividend Aristocrats.

4. What is the difference between the Dividend Aristocrats and the Dividend Champions?

Answer: The Dividend Aristocrats and Dividend Champions share one requirement, which is that a company must have raised its dividend for at least 25 consecutive years.

But like the Dividend Kings, the Dividend Champions do not need to be in the S&P 500 Index, nor satisfy the various liquidity requirements.

5. Which Dividend Aristocrat has the longest active streak of annual dividend increases?

Currently, there are 3 Dividend Aristocrats tied at 69 years: Procter & Gamble, Genuine Parts, and Dover Corporation.

6. What is the average dividend yield of the Dividend Aristocrats?

Right now, the average dividend yield of the Dividend Aristocrats is 2.0%.

7. Are the Dividend Aristocrats safe investments?

While there are never any guarantees when it comes to the stock market, we believe the Dividend Aristocrats are among the safest dividend stocks when it comes to the sustainability of their dividend payouts.

The Dividend Aristocrats have durable competitive advantages that allow them to raise their dividends each year, even during a recession.

Other Dividend Lists & Final Thoughts

The Dividend Aristocrats list is not the only way to quickly screen for stocks that regularly pay rising dividends.

• The Dividend Kings List is even more exclusive than the Dividend Aristocrats. It is comprised of 54 stocks with 50+ years of consecutive dividend increases.
• The Blue Chip Stocks List: stocks that qualify as Dividend Achievers, Dividend Aristocrats, and/or Dividend Kings
• The High Dividend Stocks List: stocks that appeal to investors interested in the highest yields of 5% or more.
• The Monthly Dividend Stocks List: stocks that pay dividends every month, for 12 dividend payments per year.

There is nothing magical about the Dividend Aristocrats. They are ‘just’ a collection of high-quality shareholder friendly stocks that have strong competitive advantages.

Purchasing these types of stocks at fair or better prices and holding for the long-run will likely result in favorable long-term performance.