Feed: Slashdot
Feed Link: https://slashdot.org/
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Title: European 'Green' Investments Hold Billions in Fossil Fuel Majors

Link: https://news.slashdot.org/story/25/05/19/1952...

An anonymous reader shares a report: European "green" funds holding more than
$33 billion of investments in major oil and gas companies have been revealed
by an investigation, despite fossil fuels being the root cause of the climate
crisis. Some of these investment funds used branding such as Sustainable
Global Stars and Europe Climate Pathway. Over $18 billion was invested in the
five biggest polluters: TotalEnergies, Shell, ExxonMobil, Chevron and BP.
These topped a 2023 Carbon Majors ranking for oil and gas production among
shareholder-owned firms. Other investments by funds following EU sustainable
finance disclosure regulations (SFDR) included those in US fracking company
Devon Energy and Canadian tar sands company Suncor, the investigation by
Voxeurop and the Guardian found. Investors claim that holding a stake in a
company allows them to influence the firm's pursuit of climate goals.
However, no major oil and gas producer has plans consistent with
international climate targets and many companies have weakened their plans in
the last year, according to a report from Carbon Tracker in April. The
investment firms with the biggest stakes in fossil companies in their green
funds were JP Morgan, BlackRock and DWS in Germany.

Read more of this story at Slashdot.

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