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.
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€15.500, allocated on 17/05/2022ID
ENV1/2022/081Grant
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ONLINE
- How “green” investments are financing Big Carbon, Voxeurop.eu, 22/09/2023
- EU poised to water down new car pollution rules after industry lobbying, The Guardian,
- Come l’industria fossile si finanzia in Europa con investimenti “ecosostenibili”, Voxeurop.eu, 22/09/2023
- En Europe, l’industrie fossile se finance avec des investissements “verts”, Voxeurop.eu, 10/10/2023
- Wie sich die fossile Brennstoffindustrie mit „umweltverträglichen“ Investitionen finanziert, Voxeurop.eu 27/09/2023
- Millions in ‘climate-friendly’ investments awarded to fossil fuel giants, investigation reveals, EuroNews, 06/02/2024
- Intesa e i fondi “green” all’industria del petrolio, Il fatto quotidiano, 28/11/2023
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