An investigation conducted by investigative journalism platform Follow the Money, Investico, and nine European media firms has found that ‘dark green’ EU-domiciled funds are still invested in fossil fuels and aviation. Under the Sustainable Finance Disclosure Regulation (SFDR), Article 9 funds must demonstrate a core environmental or social objective. However, the report’s analysis of 838 Article 9 funds noted that almost 50% included at least one investment in a coal or oil and gas company. Lara Cuvelier, Investment Campaigner at NGO Reclaim Finance, said: “This investigation confirms that a large greenwashing market has been created, with asset managers eager to use ‘sustainable’ in their marketing. When science says we must immediately stop investing in new oil and gas fields, regulators must sanction any investor who sells so-called sustainable funds that include companies developing such projects.” Oil and gas major TotalEnergies appears in both Amundi and BNP Paribas Asset Management’s Article 9 funds, the research noted. Ten funds have collectively invested €37 million in Equinor. Further, 20 funds have collectively invested €28.6 million in Delta Air Lines. “French investors are at the top of the list of Europe’s biggest fraudsters. If AXA and Amundi recently anticipated the criticism by massively downgrading their funds previously sold as sustainable, nothing will prevent them from doing it again,” said Cuvelier.