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'Ethical' funds invested in Glencore mines
The Observer
|March 02, 2025
JP Morgan's 'sustainable' funds ploughed more than £200m into firm accused of environmental breaches
One of the world's biggest banks, JP Morgan, has promoted environmental and "sustainable" funds to customers which have invested more than £200m in the mining giant Glencore, it can be revealed.
Ethical investing has become big business for JP Morgan and other financial giants, with worldwide "sustainable" investing expected to surpass $40tn by 2030. But the industry now faces scrutiny over the rules around investments focusing on environmental, social and governance (ESG) issues.
Several of JP Morgan's "sustainable" funds are investing in the London-listed commodity trader Glencore, which is under fire for its coal operations in South Africa, an investigation by the Bureau of Investigative Journalism, the news website Voxeurop and the Daily Maverick, an online South African news publication, has revealed.
JP Morgan's asset management arm has more than 500 funds promoted as environmental or sustainable investments, ranging from a climate change solutions fund to a global healthcare fund. Under current rules, some of these may still hold investments in firms criticised for environmentally damaging practices.
For many of its funds that are promoted as sustainable, JP Morgan specifies that at least 51% of investments must have positive environmental and/or social characteristics. The remaining 49% can be invested without such restrictions.
Cette histoire est tirée de l'édition March 02, 2025 de The Observer.
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