The company's ESG-related assets under management swelled 53% from the start of 2022 to the end of last year.
Active funds in the sector saw the steepest outflows, according to Morningstar.
Funds promoting ESG metrics had 2.3% of their holdings in fossil fuels at the end of the third quarter.
The NFGS said firms face increased risks as human activity pushes the planet closer to environmental tipping points.
Countries are failing to adequately protect their water, air and soil resources, the bank's analysts say.
Researchers have found that ESG funds outperform their conventional peers over the mid- to long-term.
Only 4% of "sustainable" funds can expect to get past U.S., U.K. and European watchdogs, a new study says.
Synthetic ETFs use swaps to offer investors exposure to indexes such as the S&P 500.
It's the latest headache to descend on the market for ESG investing.
The move is part of an overhaul of the research firm's methodology for rating ESG funds.
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