There’s one ESG fund category that’s outgrowing most others in the US, and it’s dedicated to investing in big CO2 emitters with a view to cleaning them up.
Assets in so-called climate transition funds surged 304% to $9.3 billion in the 18-month period ended in June, Morningstar Inc. said in a report on Wednesday.
Europe remains the biggest market for new climate funds, accounting for 84% of global assets. China’s market share is 8%, while the US stands at 6%, Morningstar said. Globally, assets in climate funds rose by almost a third in the past 18 months, reaching $534 billion in June, the researcher estimates.
Goldman Sachs Group Inc.’s asset management unit opened this year’s biggest climate fund to hit the European market, with a $2.4 billion green bond strategy, Morningstar said.
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