High carbon-emitting energy sector sees renewed interest
Demand for sustainable stock funds waned in February as Russia’s invasion of Ukraine hit investor sentiment and higher gas prices and energy security fears bolstered the appeal of the traditional Oil & Gas sector.
Equity ESG funds, which make up the bulk of funds focused on sustainable investing, saw a 60% slowdown in inflows to $9.4 billion during the month, Refinitiv data showed, compared with inflows of $24.4 billion in the prior month. “Continuing use of coal power, which was unthinkable only a few weeks ago, is now on the agenda across Europe, and the rising price of oil and gas might have persuaded some ESG investors who were in it for the profits, that there may yet be some life left in traditional energy sectors.”
After posting a record gain of 47% last year, the MSCI World ESG Leaders’ index has fallen 9.8% so far this year to underperform the MSCI World index’s decline of 9.4%.
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