{"id":51871,"date":"2024-07-01T15:33:50","date_gmt":"2024-07-01T14:33:50","guid":{"rendered":"https:\/\/www.climatechangenews.com\/?p=51871"},"modified":"2024-07-01T15:33:51","modified_gmt":"2024-07-01T14:33:51","slug":"eu-green-funds-invest-millions-in-expanding-coal-giants-in-china-india","status":"publish","type":"post","link":"https:\/\/www.climatechangenews.com\/2024\/07\/01\/eu-green-funds-invest-millions-in-expanding-coal-giants-in-china-india\/","title":{"rendered":"EU “green” funds invest millions in expanding coal giants in China, India"},"content":{"rendered":"

EU-regulated \u201cgreen\u201d funds are investing in some of the world\u2019s biggest coal companies that are expanding their operations in contrast to a 2021 UN agreement for countries to reduce their use of the dirty fossil fuel.<\/strong><\/p>\n

European investors hold shares worth at least $65 million in major coal firms across China, India, the United States, Indonesia and South Africa within funds designated as \u201cpromoting environmental and social\u201d goals under EU rules, an analysis by Climate Home and media partners found.<\/p>\n

Taken together, these companies emit around 1,393 million tonnes of carbon dioxide (CO2) into the atmosphere every year, putting them among the world’s top five polluters if they were a country.<\/p>\n

The investments are owned by major financial firms including BlackRock, Goldman Sachs and Fideuram, a subsidiary of Italy’s largest bank Intesa Sanpaolo. Most firms analysed are signatories of the Glasgow Financial Alliance for Net Zero<\/a> (GFANZ), whose members pledge to align their portfolios with climate-friendly investment.<\/p>\n

The asset managers told Climate Home their coal holdings do not contradict EU green policies or the 2015 Paris Agreement to tackle climate change.<\/p>\n