The Royal Foundation also places more than half of its investments in a fund advertised as green that owns shares in large food companies that buy palm oil from companies linked to deforestation
The conservation charity founded by Prince William, the second in line to the British throne and creator of the environmental Earthshot Prize, keeps its investments in a bank that is one of the world’s biggest backers of fossil fuels, the Associated Press has learned.
The foundation invested similar amounts in both funds in 2020, its older filings show. As of December 2021, the charity also held more than 10 million pounds in cash.The investments, which the Royal Foundation didn’t dispute when contacted by the AP, come as top scientists repeatedly warn that the world must shift away from fossil fuels to sharply reduce emissions and avoid more and increasingly intense extreme weather events.
“There are funds that are more sustainably oriented,” Hoepner added, pointing to a dozen alternatives to the JPMorgan product that are marketed as sustainable. Bloomberg data show JPMorgan has underwritten more bonds and loans for the fossil fuel industry and earned greater fees than its competitors in the five years up to 2021.
Compared to some other charities, the Royal Foundation’s investments are small, with little impact on climate change. But they are not in line with the ethos of the foundation, which lists conservation and mental health as main points of emphasis, or Prince William’s public statements.
The policies of the Royal Foundation do not allow ownership of stock in oil companies, tobacco or alcohol. But profits from the Royal Foundation’s account could enable JPMorgan to lend more money to the many oil companies it backs, allowing their expansion. In the same way, investing in companies tied to problems with palm oil supply could help fund unsustainable practices.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Prince William Charity Invests in Banks, Co.'s Linked to Harmful Environmental PracticesThe conservation charity founded by Prince William, second in line to the British throne and a well-known environmentalist, keeps its investments in a bank that is one of the world’s biggest backers of fossil fuels.
Read more »
Every dollar spent on this climate technology is a wasteOPINION: C.C.S. allows for the continued production of oil and natural gas at a time when the world should be ending its dependence on fossil fuels.
Read more »
Federal Court Strikes Down Ruling That Blocked Biden's Drilling Moratorium'Today's decision demonstrates how flawed the preliminary injunction issued in June 2021 was, and that Interior must quickly take action to reform the federal fossil fuel program,' said one environmental lawyer.
Read more »
Jurassic World Dominion Cast on Films That Have Benefited From a Director's CutJurassic World Dominion isn't just one of the biggest movies of the year; it's one that just got [...]
Read more »
World's Biggest Companies Invested $6B in Blockchain Firms Since September: Study.Google's parent company, Alphabet, took part in $1.5 billion of funding rounds for blockchain and crypto-related companies between September 2021 and June 2022. By JamieCrawleyCD
Read more »
Potential Bills In Congress To Rubber Stamp Fossil Fuel Permitting Would Upend Bedrock Laws & Silence Communities“Polluters Over People”Potential Bill(s) to Rubber Stamp Fossil Fuel Permitting Would Upend Bedrock Laws and Silence Communities
Read more »