Demand for green investments has led to a rush by investment managers to label products as sustainable, when portfolios are not.Despite new rules in Europe to crack down on greenwashing, it is still not easy to spot genuine environmentally-friendly funds.But the new regime has not resolved the inconsistencies in the portfolios claiming green credentials.
Last year, the Commission clarified the rules to require fund managers dedicated to pursuing sustainable investments - known as Article 9 funds under the SFDR - to have 100% of their portfolio in environmentally-friendly companies.The SFDR defines sustainable investment as contributing to"an environmental or social objective", assessed by indicators such as use of raw materials or production of waste.
The Commission's changes aim to plug gaps that allowed funds branding themselves as sustainable to invest in everything from oil to tobacco. For example, data provided to Reuters by Morningstar shows that as of mid-January more than 100 out of 891 Article 9 funds in Europe were invested in some aspect of thermal coal, a big climate change contributor.
Eric Pedersen, head of responsible investments at Nordea Asset Management, also said the investments were in line with its energy transition planning.A Macquarie spokesperson said its fund's coal exposure was linked to power generation investments where the companies had agreed to phase out its use. This is used by the funds industry, while some fund managers also have their own versions to keep track at the portfolio level.
Pictet Asset Management's head of ESG Eric Borremans and Nordea's Pedersen said implied temperature rise estimates in general are methodologies in their infancy and should not be used on their own to assess the sustainability of a fund's portfolio.
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