Billions in Fossil Fuel Stocks Hiding in Europe’s So-Called Green Funds

A major investigation by The Guardian and Voxeurop has uncovered that over $33 billion in investments from European “green” funds are actually tied up in some of the world’s largest fossil fuel companies—including Shell, ExxonMobil, Chevron, BP, and TotalEnergies. These findings have triggered a wave of criticism from campaigners, who say this is a textbook case of greenwashing.

Despite their eco-sounding names like “Sustainable Global Stars” and “Europe Climate Pathway,” many of these funds are heavily invested in fossil fuel giants that continue to expand oil and gas production. For instance, JP Morgan Asset Management holds $3.2 billion in such companies through Article 8 and 9 funds (regulated under the EU’s Sustainable Finance Disclosure Regulation or SFDR). BlackRock, DWS, State Street, and Legal & General are also among the top offenders.

While fund managers argue that investing in fossil companies gives them leverage to drive change, environmental experts push back. According to Carbon Tracker, no major fossil fuel producer has a business plan aligned with the Paris Agreement’s 1.5°C target—and many are actively weakening their climate strategies.

Transport & Environment’s Giorgia Ranzato said, “Any investment in such companies by a green fund is essentially greenwashing.” Meanwhile, Paul Schreiber from Reclaim Finance called for new rules that flat-out ban fossil fuel holdings in ESG-labelled funds.

The EU’s financial watchdog, Esma, will begin enforcing stricter guidelines on sustainability fund naming from 21 May. But the guidelines aren’t legally binding, meaning enforcement will rely on individual regulators. Some companies, like Robeco and BlackRock, are already beginning to quietly drop terms like “sustainable” from fund titles—perhaps a sign that change is finally on the horizon.

Green investing should mean what it says. Don’t be misled by feel-good fund names. Demand fossil-free finance, push your bank or pension provider to drop oil and gas, and always read the fine print. We can’t build a sustainable future by investing in the industries destroying it.

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