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ESG Fund Bosses Under Rising Pressure to Ax Gas as War Rages

  • Activist campaign calls EU plan ‘unscientific and unjust’
  • Russia-Ukraine conflict shines light on Europe’s gas reliance
A natural gas field on the Yamal Peninsula in Russia.

A natural gas field on the Yamal Peninsula in Russia.

Source: Bloomberg

Updated on

Asset managers are under renewed pressure to blacklist gas from ESG funds, as activists slam European plans to call the fossil fuel “green” in the middle of a war that has exposed the region’s energy dependence on Russia.

In a letter signed by 92 nonprofit groups including Reclaim Finance, Greenpeace and Urgewald, financial institutions are being asked to “publicly commit” to exclude gas from funds and bond programs that carry an ESG label. The signatories called Europe’s proposal to treat gas as a sustainable asset “unscientific and unjust.”