European 'Green' Investments Hold Billions in Fossil Fuel Majors

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.