Green plant growing in clear glass jar filled with money.

European green-labeled funds invested billions in oil and gas giants despite climate pledges

European investment funds marketed as sustainable held more than $33 billion in fossil fuel company shares as of late 2024, raising concerns about greenwashing and regulatory loopholes.

Damian Carrington, Giorgio Michalopoulos and Stefano Valentino report for The Guardian.

In short:

More than 480 European “green” funds governed by the EU’s sustainable finance disclosure regulations (SFDR) regulations collectively held $33.5 billion in fossil fuel stocks, including stakes in ExxonMobil, Shell, BP, Chevron, and TotalEnergies.
Fund managers, including BlackRock, JP Morgan, and DWS, argue these investments enable shareholder influence over fossil companies, though climate analysts say the companies are not aligned with Paris climate agreement targets.
Upcoming European Securities and Markets Authority guidelines — set to take effect May 21— will allow regulators to hold funds accountable for the use of sustainability-related labels, though the rules are not legally binding.

Key quote:

“It is diabolical for banks and asset managers to invest billions in major fossil fuel companies under the rubric of ‘green investing’ when we need to accelerate investments in non- and low-carbon energy, in carbon efficiency, and in carbon removal technologies.”

— Richard Heede, Climate Accountability Institute

Why this matters:

The term “green investing” carries a promise: that your money supports environmental progress. But when so-called sustainable funds funnel billions into oil giants, that promise is broken. Funds operating under vague or loosely enforced definitions of sustainability risk misleading individuals, institutions, and governments alike. While regulators have begun to react — tightening rules around fund naming and disclosure — investors may still find themselves funding fossil fuel expansion through portfolios meant to fight climate change.

www.theguardian.com

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California mining company turns to solar heat but can’t quit coal just yet

In California’s Mojave Desert, a mining plant is turning to solar thermal energy to replace one of its coal-fired generators, but a second unit may run for years due to the intense heat and 24-hour power it needs.

Ivan Penn reports for The New York Times.

In short:

Searles Valley Minerals, a mining company in Trona, Calif., is replacing one of its two coal plants with a solar thermal system but says the other may need to stay online for the foreseeable future due to operational demands.
The company will use a concentrating solar power system from start-up GlassPoint, which uses mirrors to generate high heat, a solution that works well in hot, sunny areas but requires a large land footprint and remains rare in the U.S.
Despite California’s push to phase out coal and President Trump’s efforts to revive it, economic and geographic constraints continue to complicate full industrial transitions away from fossil fuels.

Key quote:

“We just think coal is going to be a problem. We’re going to have a hard time sourcing it. We need to be ready to pivot.”

— Dennis Cruise, president of Searles Valley Minerals

Why this matters:

Industrial heat — the kind used in mining, chemical production, and heavy manufacturing — accounts for about half of global energy use, yet it’s rarely mentioned in public climate debates. Unlike home heating or car travel, generating this level of heat without fossil fuels is still tough. Most renewable energy technologies don’t deliver the extreme, continuous heat these facilities need. That leaves industries like the one in Trona stuck with coal, even as it becomes harder to source and politically unpopular. As the U.S. attempts to decarbonize, industrial energy needs present one of the biggest hurdles.

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www.nytimes.com

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