Can it get any more hypocritical ?
Carbon Tracker, the organization behind the report that exposed the farce, found that many of these asset managers even increased their exposure to the fossil fuel sector last year, which has seen profits soar as a result of Russia's invasion of Ukraine. On this, see previous articles with interpretation on the usurious profits made by Exxon Mobile and Total Energies ( both members of the Net Zero Alliance ) in 2022 ( during the so-called energy crisis )
According to the report, none of the 15 fossil fuel giants targeted by the report have operations and businesses that are in line with the goal of limiting warming to 1.5 degrees Celsius above pre-industrial levels, the more ambitious target of the Paris climate agreement.
According to Carbon Tracker, US asset manager BlackRock led the list of companies participating in the net-zero initiative with exposure to the 15 oil and gas companies, with investments totaling $116 billion last year.
"Asset managers who join coalitions such as the Net Zero Asset Managers Initiative signal to the market that they will invest in line with the Paris target to limit global warming to 1.5°C," said the report's author Maeve O'Connor, Associate Analyst, Oil, Gas and Mining.
"If they invest in oil and gas companies that do not align with this objective, they risk their reputation among climate-conscious asset owners, while other investors may be increasingly concerned about exposure to energy transition risk."
In a statement, the Net Zero Asset Managers initiative said its partner networks "share Carbon Tracker's perspective that the oil and gas industry needs to decarbonize very quickly to meet the urgency of the climate crisis". Of course, this will not happen. Realizing money and profiteering is many times more important than the climate problem which, by the way, does not exist. They know this themselves. They just don't dare say it out loud.