ESG funds, when the environmental commitment is only in words. BalckRock, Ubs and State Street rejected. Intesa Sanpaolo and Generali are also bad

Three others postponed to the environmental sustainability examination. After Deutsche Bank even the giants BlackRock, Ubs e State Street run into the suspicion of “greenwashing”, the practice of awarding and advertising environmental licenses to products that do not actually meet the necessary criteria. The results are also disappointing for Intesa Sanpaolo, Bper and Generali. While the German bank ended up directly in the crosshairs of the Sec and Bafin, the US and German Consob, to express doubts about the other three companies is a ‘analyses of the study center InfluenceMap. The relationship has passed under the lens 723 equity funds Esg (Enviromental social and governance, the acronym indicating products that meet environmental, social and management sustainability criteria, ed) related to climate , with over 330 billion dollars of total net assets under management. From the analysis it emerges that most, about 70% is actually inconsistent in the composition of portfolios.

Researchers use two criteria, portfolio alignment toParis Agreement and the intensity of investment in fossil fuels. Among the largest wealth managers in the world, InfluenceMap has failed UBS, State Street e BlackRock while promoted across the board there are Invesco e BNP Paribas. Among the Italians analyzed they come out well Ersel, Fondiaria Sai while they are misaligned and have a score the funds of Mediobanca, Eurizon (Intesa Sanpaolo), Bper and Generali were negative (out of 11 funds only 3 have a positive score). Of Ie (the management company of Deutsche Bank), put under investigation by the Bafin and the SEC, 23 funds were surveyed of which 17 are misaligned and 4 deviate significantly from the criteria of the agreement Paris. In many of the ESG portfolios, the presence in the portfolios, for a total amount of 153 million dollars, of investments in Total Energies, Kinder Morgan, Enbridge, Finnish Next, Halliburton, Chevron ed ExxonMobil. “While the results do not necessarily contradict the strategy and objectives of the individual funds analyzed, they highlight one lack of consistency and often lack of transparency on the alignment of many ESG and climate-themed funds with global climate objectives ”concludes the research.

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It is not the first time that BlackRock he runs into “accidents along the way” in his heralded green strategy. The largest fund manager in the world is indeed a major shareholder of nearly every major Western oil company. But in shareholders’ meetings, its representatives rarely expressed themselves in favor of resolutions that pushed companies towards more environmentally friendly practices. In recent years, ESG products have experienced tremendous growth. Sustainable funds have reached a total value of 1.7 trillion dollars in 2020 and the climate is by far the most popular theme within the category.

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