Dark green funds full of Russian gas, tech firms and mining companies

A peek behind the curtain reveals that Denmark's "dark green" funds, filled with securities classified as Article 9 under the EU sustainability taxonomy, are full of tech assets, but few companies in such portfolios are actually working promote climate change mitigation, baffling the country's financial supervisory authority.

Excavators and drillers at work in an open pit at Tenke Fungurume, a copper and cobalt mine 110 km northwest of Lubumbashi in Congo's copper-producing south. | Photo: Reuters Staff/REUTERS / X01095

Mining companies, russian gas and big tech are not the assets that spring to mind when you think of sustainable funds – nevertheless, they make up a significant portion of the exposures from Danish asset managers' flagship green funds.

An analysis conducted by EnergyWatch's Danish sister media FinansWatch discovered this tendency among the new "dark green" funds, which must live up to the strictest reporting criteria in line with the new EU sustainability legislation.

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