The sticky question of Europe’s oil-ridden ESG funds

NN Investment Partners SFDR fund holds 91% of investments in oil and gas companies

“Wow,” was the response of the fund manager.

“Really?” said another.

They had just been told that a European fund with 91% of its holdings in carbon-belching oil and gas producers was marketing itself among a range of products commonly described as “light-green”.

The fund in question is NN Investment Partners’ Energy fund. Its top holdings are Chevron and ExxonMobil. The two oil majors score poorly on sustainability metrics: neither firm has committed to reducing its greenhouse gas emissions

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