(Bloomberg) -- More than two-thirds of passive funds marketed as sustainable are helping finance growth in the fossil-fuel industry, a trajectory that the International Energy Agency has said is incompatible with limiting global warming to the critical threshold of 1.5C.Most Read from BloombergTrump Rules Out Vivek Ramaswamy as Running Mate as He Eyes New TeamApple Is in Talks to Let Google Gemini Power iPhone AI FeaturesUltra-Wealthy Are Souring on Chicago’s Most Elite NeighborhoodWhat Happens
  • PeepinGoodArgs@reddthat.comEnglish
    1·
    3 months ago

    That’s unsurprising if you understand what ESG stocks are. They’re not about being environmentally friendly:

    According to Bloomberg, “[ESG] ratings don’t measure a company’s impact on the Earth and society. In fact, they gauge the opposite: the potential impact of the world on the company and its shareholders.”

    • silence7OPM
      1·
      3 months ago

      There are some ESG funds which do not invest in fossil fuels. You need to actually look for that in their prospectus though.