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ESG Loophole Leads to Billions in Investment in Saudi Aramco

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An ESG loophole led investors to pile billions of dollars into Saudi Aramco, the world’s largest oil company, whose chief executive has criticized ESG investing.

that Saudi Aramco has become an unlikely beneficiary of anti-climate change investing funds.

In order to generate cash to repay the bank loans, the EIG and BlackRock consortiums created two special purpose vehicles:and GreenSaif Pipelines Bidco, both registered at the same Luxembourg address. These SPVs then sold bonds, which, since they had no direct links to the fossil-fuel industry, ended up getting an above-average score in a widely-used JPMorgan Chase & Co. sustainability screening based on third-party ESG scores.

Ulf Erlandsson, CEO of the Anthropocene Income Institute, said that these complex financial structures complicate investing in purportedly climate-friendly funds.

 

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