Investment groups in China and Europe intended to promote climate-friendly and social justice-related causes are funneling money into fossil fuel projects and companies associated with slave labor, a Bloomberg investigation found Tuesday.
China’s allegedly climate-sustaining investments have ballooned in the past couple of years since the Chinese government claimed they align with Beijing’s political agenda to revitalize rural labor, raise the nation’s prosperity and achieve carbon-neutral status, Bloomberg reported. However, ESG investors have stretched the definition of “Environmental, Social and Governance” investing to encompass investments in coal companies and firms tied to human rights violations in the Xinjiang province.
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