Prince William’s charity taps into one of the world’s largest fossil fuel backers: a bank.prince william

A charity founded by the Duke of Cambridge, who founded the earthshot awardsustaining investments in banks, one of the world’s largest backers of fossil fuels, According to research.

royal foundationThe charity founded by the Cambridges also invests more than half of its investments in funds touted as eco-friendly that own shares in major food companies. Some of these companies buy palm oil from companies linked to deforestation, an Associated Press (AP) investigation claims.

Prince William, an avid environmentalist, has been quoted on a British website. earthshot award “The planet is at a tipping point and we face tough choices,” the Royal Foundation said.

However, according to the latest filings, the charity will keep more than £1.1m in JPMorgan Chase in 2021 and is still investing in companies, AP reports. The foundation also held £1.7m in a fund run by British firm Cazenove Capital, according to a 2021 application, the agency said.

Like JP Morgan, it holds funds in Kazenobe, which held securities allegedly linked to deforestation from palm oil use in May. The investment was indicated in previous filings. As of December 2021, the charity has reportedly also held over £10m in cash.

The investment, which the foundation does not object to, has led scientists to repeatedly warn the world must move away from fossil fuels to reduce emissions and avoid increasingly severe extreme weather events. because

A Kensington Palace spokesperson told The Guardian: We take our investment policy very seriously and review it regularly. ”

The foundation emphasized that Cazenove has been instructed to operate within a strict investment policy that follows C of E investment guidance and to exclude fossil fuel companies. Investments in JP Morgan Asset Management and Cazenove Charity Responsible Multi-Asset Fund will be paid a small management fee understood to be in the low double digits. According to the foundation, the board has overall responsibility for the charity and its activities.

Compared to some other charities, the Royal Foundation’s investments are small and said to have little impact on the climate crisis. But they don’t align with the foundation’s ethos, which lists protection and mental health as its main priorities, or William’s official statements, the AP reported.

The Earthshot Prize is a ‘global search for solutions to save the planet’, awarding up to £1 million in grants each year to projects facing environmental challenges. In July, the Royal Foundation announced that the award would become an independent charity, with William as its president.

JPMorgan Asset Management declined to comment when asked about the charity’s investments in its products, despite its track record of financing fossil fuels, the Associated Press reported. Bloomberg data shows JP Morgan has underwritten more bonds and loans to the fossil fuel industry in his five years to 2021, earning more fees than its competitors.

The environmental NGO Rainforest Action Network, which looked at direct lending and equity ownership in addition to bonds, estimated that between 2016 and 2021, JP Morgan’s banking arm provided $382 billion in financing to fossil fuel companies. Did. That’s more than any other bank, AP reported.

The Kazenobe Fund is marketed as “sustainable,” according to data from Morningstar Direct. The Associated Press reported that it holds the equivalent of a dollar. Nestlé and Reckitt Benckiser are facing lawsuits over palm oil supplies in Papua New Guinea.

Kate Rogers, head of sustainability at Cazenove Capital, told the AP that the company is working with Nestlé and Reckitt and has seen progress in deforestation.

Prince William’s charity taps into one of the world’s largest fossil fuel backers: a bank.prince william

Source link Prince William’s charity taps into one of the world’s largest fossil fuel backers: a bank.prince william

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