According to a new report by Reclaim Finance, 70% of passive funds passed off as sustainable are exposed to new oil and gas projects.
A total of 70% of passive funds passed off as “sustainable” by five of the largest asset managers in the U.S. and Europe are exposed to companies developing new oil and gas projects, environmental organization Reclaim Finance said in a report on Wednesday, calling out asset managers for greenwashing ESG-labeled passive funds.
“The analysis also shows that especially when these funds are invested in bonds, they provide direct financing for fossil fuel developers,” the authors of Reclaim Finance’s report wrote. The campaigners call on regulators “to outlaw sustainable claims for funds supporting fossil fuel expansion.” “Even asset managers which claim to have climate policies are part of the problem as most don’t apply their policies to passive funds.
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