70% of Passive ESG Funds involve New Oil and Gas Projects
Reclaim Finance has examined 430 “sustainable” passive funds managed by five of the biggest passive fund managers – Amundi, BlackRock, DWS, Legal & General Investment Management (LGIM), and UBS AM.
A total of 70% of passive funds labeled 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.
In new research published Tu…
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