Big Oil has a place in ESG funds, says Deutsche Bank CIO

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Reuters UK

By Tommy Wilkes LONDON (Reuters) – Sustainability funds should be able to hold traditional energy shares because excluding them is denying investors one of the best ways to bet on a shift to renewable energy, a senior ESG executive at Deutsche Bank’s Private Bank said on Tuesday. Fossil fuel stocks have boomed since Russia’s invasion of Ukraine in February 2022 sent fossil fuel prices soaring, leaving the performance of environmental, social and governance (ESG) funds lagging. Pure-play renewable energy stocks such as Orsted and First Solar have also fallen sharply this year as higher interest…

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