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‘Sustainable’ pension funds accused of greenwashing over billions held in oil and gas firms
By James Tapper - The Guardian, May 14, 2023
People investing their pensions in funds that claim green credentials are being warned they may actually be backing the world’s largest oil and gas companies.
Carbon Tracker Initiative said that asset managers have invested $376bn (£295bn) in oil and gas companies, despite publicly pledging to back efforts to limit global temperature rises to 1.5C. The environmental thinktank based in London and New York found that more than 160 funds with a green label held $4.6bn in 15 companies including ExxonMobil, Chevron and TotalEnergies.
It also found that 25 members of the Net Zero Asset Managers initiative had invested in those companies and some had increased their holdings in 2022. NZAM said its international initiative started two years ago and investors needed time to change their strategies.
The warning comes as the UK’s Financial Conduct Authority prepares to publish anti-greenwashing rules that are intended to clean up how investment funds are labelled.
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