Goldman Sachs analysis sheds light on rise of commodities in ESG

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In a fresh study, analysts at Goldman Sachs Group Inc. have found that fund managers are increasingly including oil, gas and mining stocks in portfolios that are registered as ESG.

Goldman’s research looked at funds registered under the European Union’s Sustainable Finance Disclosure Regulation, which is the world’s biggest ESG investing rulebook. SFDR has two sustainable fund categories: Article 8 and Article 9 . The analysis found that fund managers are generally more exposed to oil, gas and mining stocks now than they were 12 months ago.

Though ESG funds continue to be overall underweight commodities, “we see more willingness to own metals and mining companies,” Goldman analysts including Evan Tylenda and Grace Chen wrote in the report, which was published this week. And there’s evidence that ESG fund ownership of oil and gas stocks has “increased slightly,” they said.SFDR is currently in the middle of a major overhaul following a lengthy consultation period.

The findings follow signs of a wider retreat from ESG in recent years, amid lackluster returns and mixed evidence of any positive environmental or social impact.

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