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Although the energy industry has rebounded, the growth of funds that are free of fossil fuels is unlikely to abate in 2023. “More companies are issuing these funds as investors seek to have more climate-friendly portfolios,” Mr. Fontaine says.
Among newer entrants are CIBC’s Sustainable Funds series, which includes its Sustainable Canadian Equity Fund . It screens out oil and gas companies while limiting exposure to other holdings in the portfolio that still have revenues from servicing the industry.Greenwashing came to the forefront in 2022 as leading investors labelled ESG as window dressing to attract capital.
“The Canadian Securities Administrator has recently put issuers on notice for greenwashing,” he says. “In other countries we’ve seen companies fined for making misleading claims, and it looks like that’s coming to Canada, which is a good thing.” Mr. Soegtrop agrees that growing concerns about greenwashing will be a positive for RI, showing its evolution from qualitative to quantitative metrics.
“It’s no longer good enough to make claims; you need to back them up,” Mr. Soegtrop says. “Increasingly, investors are going to demand to see that quantitative data to make sure asset managers are not engaging in greenwashing.”
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