An investigation by Voxeurop and the Guardian found over $33 billion of investments from European green funds in major oil and gas companies, including over $18 billion in the top five polluters: TotalEnergies, Shell, ExxonMobil, Chevron, and BP. Despite branding themselves as sustainable, these funds are criticized for investing in companies that do not align with international climate targets. Major investors like JP Morgan and BlackRock hold significant stakes in these fossil fuel companies. Campaigners are urging a review of EU sustainable finance rules to prevent greenwashing in investment practices.
The investment firms with the biggest stakes in fossil companies in their green funds were JP Morgan, BlackRock and DWS in Germany.
Campaigners said change was needed to avoid people being misled. For a fund claiming to be 'green', holding investments in major fossil fuel companies should be a red line.
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