BlackRock greenwashing case tests enforceability of sustainable fund label rules
"We want other investment managers to heed the warning of this complaint."
NGO ClientEarth has lodged a formal greenwashing complaint against BlackRock in France, arguing that the firm is investing into fossil fuel expansion through funds marketed as âsustainableâ.
The complaint has been presented to the AutoritĂ© des MarchĂ©s Financiers (AMF), which regulates the financial sector in France. In it, ClientEarth argues that 18 of BlackRockâs funds marketed as âsustainableâ in France have collectively invested over US$1 billion in fossil fuel companies such as TotalEnergies, Shell, BP, Chevron, Conoco Phillips and Equinor â the majority of which are developing new projects and expanding production capacity.
