Finance is a technical world, made up of a mess of acronyms, complex regulations and batteries of numbers. But, for ordinary people, the choice to invest in this or that investment depends on a simple element: its name. “This is one of the main selection criteria”confirms Philippe Sourlas, deputy director of the Financial Markets Authority (AMF).
“Sustainable”, “climate”, “sustainable” (anglicism from “sustainable”, for “sustainable”), “green”… Bank sales brochures are full of investment funds whose titles promise environmental virtues. But few clients carefully study the provisions of their contractual documents or consult the details of the investment portfolio.
And yet: almost half of these investments still invest in fossil companies, reveals a survey by the World in collaboration with around ten European media, including Follow the Money And Investico. An observation which illustrates the duplicity of many asset managers and the limits of regulations against greenwashing (greenwashing).
Content contrary to promises
Take, for example, the HSBC USA Sustainable Equity ETF. The brochure for this product ” sustainable ” claims the objective of “reduce carbon emissions and exposure to fossil fuel reserves”. But nearly 3% of its assets are majors which still derive the majority of their resources from oil, gas and coal: ConocoPhilips, ExxonMobil, Marathon Petroleum, Chevron and Cheniere. When questioned, the HSBC bank ensures that it excludes certain companies that emit high levels of greenhouse gases, without detailing which ones or on what criteria.
The insurer Allianz, for its part, offers a Climate 2021 fund, 9% of the portfolio of which finances the Italian fossil energy companies Eni and Spam. While this financial vehicle promises in its description a “commitment to the transition to a low-carbon economy”, no binding investment criteria materializes this promise. When asked, Allianz did not respond.
Examples of this type are commonplace. In February, 43% of the 1,277 investment funds marketed in Europe analyzed by The world were still investing in at least one fossil fuel company; 155 of them are in France, with a high prevalence of shares of TotalEnergies (forty-one investments) and Engie (twenty-six).
You have 66.13% of this article left to read. The rest is reserved for subscribers.