Green investment funds pushing money into fossil fuel firms, research finds

BlackRock and L&G among asset managers using funds with ESG label to invest in coal, oil and gas

Investment funds branded as green or socially responsible are being used by some of the world’s largest asset managers to invest hundreds of millions of pounds in fossil fuel companies, according to a report.

The research by the Common Wealth thinktank showed that the US fund managers BlackRock and State Street and the UK-based Legal & General were among asset managers to use funds with an “environment, social and governance” (ESG) label to invest in fossil fuel firms.