French Banks Criticized for 'Responsible' Funds Investing in Hydrocarbons

Reclaim Finance's report reveals systemic greenwashing concerns as upcoming EU regulations aim to tighten ESG fund criteria.

Reclaim Finance's analysis found that 20% of 'responsible' employee savings funds in France invest in companies linked to new oil and gas projects.
Crédit Agricole and Société Générale were singled out, with over 30% of their 'responsible' funds tied to hydrocarbons, raising transparency concerns.
Société Générale recently modified its website after misleading claims about ISR certification for its 'responsible' funds were highlighted.
Critics accuse the sustainable finance sector of greenwashing, emphasizing a gap between marketing claims and actual investment practices.
New EU regulations will soon exclude ESG funds from investing in companies earning significant revenue from coal and oil, addressing these issues.