EU-regulated ‘sustainable’ funds invest £14bn in biggest polluters

Fast fashion labels, fossil fuel companies and SUV-makers are present in EU-regulated “sustainable” funds that tout their ethical credentials in their names, the Guardian and media partners can reveal, with $18bn of their investments going to the 200 biggest polluters.EU sustainable finance rules while including some of the biggest emitters of planet-heating gas, an analysis of data from the last quarter of 2023 shows.

The regulations were not designed for marketing purposes but the classifications are often used to showcase a financial product’s environmental credentials. This month the European Securities and Markets Authority and European banking and insurance watchdogs called for sweeping reforms to the system to tackle greenwashing.

“Europe’s biggest green portfolios are just the same dirty companies, repackaged as sustainable,” said Xavier Sol, the sustainable finance director at the campaign group Transport and Environment. Amundi said: “The energy transition will only happen if all economic players change. Amundi therefore has a duty to support and encourage the transformation of all companies and sectors.”

Source: News Formal (newsformal.com)

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