Vanguard website

Major financial firms steer millions in hidden funds to climate denial causes

Since 2020, financial giants Fidelity, Schwab and Vanguard have funneled more than $171 million through anonymous donor-advised funds (DAFs) to climate denial nonprofits aligned with Project 2025.

Joe Fassler reports for DeSmog.


In short:

  • Donor-advised funds from major financial companies provided anonymous donations to groups involved in Project 2025, which rejects climate change.
  • Project 2025 recipients include groups that promote climate misinformation and other controversial political agendas.
  • While these firms offer ESG investment options, their DAFs provide tax advantages for donors seeking anonymity in supporting anti-climate causes.

Key quote:

“It started with Fidelity, but Schwab got into the act, and Vanguard, and then Goldman Sachs, everybody. It became a lucrative proposition for these commercial investment firms, and they started really marketing them aggressively.”

— Helen Flannery, research fellow with the Institute for Policy Studies

Why this matters:

The use of donor-advised funds allows wealthy individuals to support controversial groups without public scrutiny, fostering a hidden network of funding for climate disinformation. This anonymized financial support undermines broader efforts to address climate issues, and raises questions about the ethical responsibilities of financial firms promoting environmental sustainability.

Read more:

INC-5 environmental groups and advocates calling for a strict global plastic treaty
Credit: UNEP

Environmental justice advocates criticize lack of inclusion in plastic treaty negotiations

“We had to fight for every second we had on the floor.”

Environmental justice and Indigenous groups say they were largely excluded from key plastic treaty talks last week in Busan, South Korea, which took place over seven days and ended without a final text.

Keep reading...Show less
Senator Whitehouse & climate change

Senator Whitehouse puts climate change on budget committee’s agenda

For more than a decade, Senator Sheldon Whitehouse gave daily warnings about the mounting threat of climate change. Now he has a powerful new perch.
Paris street with children carrying climate posters

US defends Paris climate deal but faces criticism for lack of action

The U.S. defended its commitment to the Paris Agreement at a major international climate hearing, but critics questioned its lack of accountability for global warming’s damage.

Karen Zraick reports for The New York Times.

Keep reading...Show less
global plastics treaty conference room

A plastics treaty could reshape global pollution but faces major hurdles

Negotiations for a global plastics treaty are progressing slowly, with countries divided over production limits, waste regulation, and scientific access, yet the commitment to further discussions remains a hopeful sign.

Editorial team writes for Nature.

Keep reading...Show less
Ontario Power Generation's Nanticoke generating station sign
Credit: JasonParis/Flickr

Ontario’s coal-free future sparks new energy dilemmas

A decade after Ontario’s landmark coal phase-out cleaned up its skies, the province now faces tough questions about how to ditch natural gas, a significant contributor to climate change.

Fatima Syed reports for The Narwhal.

Keep reading...Show less
statue of lady justice with scales and sword

Trump administration puts environmental justice funding in jeopardy

President-elect Donald Trump’s transition plans suggest potential cuts to environmental justice programs, threatening gains made under the Biden administration’s Justice40 initiative to combat pollution in vulnerable communities.

Amudalat Ajasa and Anna Phillips report for The Washington Post.

Keep reading...Show less
Storefronts in Asheville, North Carolina

Concerns grow over potential lead risks in Asheville’s water after hurricane

Two experts urge Asheville residents to conduct widespread testing for lead in drinking water following a treatment suspension caused by Tropical Storm Helene.

John Boyle reports for Asheville Watchdog.

Keep reading...Show less
London street with Bank of London in background

Banks fuel climate risk with $200 billion for new gas projects

A surge of liquefied natural gas projects could generate emissions rivaling all coal power plants worldwide, raising fears over climate goals.

The Guardian reports.

Keep reading...Show less
From our Newsroom
Resident speaks at an event about the Midwest hydrogen hub organized by Just Transition NWI.

What a Trump administration means for the federal hydrogen energy push

Legal and industry experts say there are uncertainties about the future of hydrogen hubs, a cornerstone of the Biden administration’s clean energy push.

unions climate justice

Op-ed: The common ground between labor and climate justice is the key to a livable future

The tale of “jobs versus the environment” does not capture the full story.

Union workers from SEIU holding climate protest signs at a rally in Washington DC

El terreno común entre los derechos laborales y la justicia climática es la clave de un futuro habitable

La narrativa de “empleos vs. proteger el medio ambiente” no cuenta la historia completa.

unions and labor movement

LISTEN: Pradnya Garud on the role of unions in climate justice

“They’ve been able to combine forces and really come forward to bring social and environmental change.”

People advocating against the US hydrogen hub build out

Hydrogen hubs test new federal environmental justice rules

A massive push for hydrogen energy is one of the first test cases of new federal environmental justice initiatives. Communities and advocates so far give the feds a failing grade.

photos of people protesting the hydrogen hub buildout

What’s hampering federal environmental justice efforts in the hydrogen hub build-out?

“Organizational change in large bureaucracies takes time.”

Stay informed: sign up for The Daily Climate newsletter
Top news on climate impacts, solutions, politics, drivers. Delivered to your inbox week days.