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 ‘sustainable’.
The complaint has been presented to the Autorité des Marchés Financiers (AMF), which regulates the financial sector in France. In it, ClientEarth argues that 18 of BlackRock’s funds marketed as “sustainable” in France have collectively invested over US$1 billion in fossil fuel companies such as TotalEnergies, Shell, BP, Chevron, Conoco Phillips and Equinor – the majority of which are developing new projects and expanding production capacity.
