How 'Green' Investments Are Financing Big Carbon

2023-09-22

MILAN - Asset management companies in Europe are using semantic tricks and regulatory loopholes to sell 'green' investments that actually fund the hydrocarbon industry. Italy's Eurizon, a subsidiary of Intesa SanPaolo, is a case in point.

These fake sustainable funds invest in fossil fuel companies such as Eni, Enel, Repsol, Chevron, TotalEnergies, BP and Shell. European regulations allow fund managers to define their own criteria for 'green' investments, leading to greenwashing. While the rules have increased transparency, they also allow funds to be flexible in defining their criteria. Public responsibility for ensuring that investments meet environmental and social criteria is emphasised, shifting the burden of due diligence to investors.

AWARDS:

This investigation won the 2024 Covering Climate Now Journalism Award in the Fossil Fuels category. The investigation was praised for commendable work covering new fossil fuel development, greenwashing, government lobbying, and dubious schemes to offset emissions, and disinformation.

Team members

Stefano Valentino

Stefano Valentino is an Italian freelance journalist.

Giorgio Michalopoulos

Giorgio Michalopoulos is an Italian journalist based in Brazil

Media

Voxeurop SCE

Voxeurop is a community of journalists, editors, translators, media partners, loyal readers and members from over 30 countries.

Supported

€15,500 allocated on 17/05/2022

ENV1/2022/081

Grant

Environmental Journalism

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