Prince William charity invests in bank tied to fossil fuels
The Hindu
The Royal Foundation places more than £1.1 million with JPMorgan Chase, and more than half of its investments in a fund that owns shares in large food companies that buy palm oil from companies linked to deforestation
The conservation charity founded by Prince William, second in line to the British throne and who launched the Earthshot Prize, keeps its investments in a bank that is one of the world’s biggest backers of fossil fuels, AP has learned.
The Royal Foundation also places more than half of its investments in a fund advertised as green that owns shares in large food companies that buy palm oil from companies linked to deforestation.
“The earth is at a tipping point and we face a stark choice,” the prince, a well-known environmentalist, is quoted saying on the websites of the Earthshot Prize and Royal Foundation.
Yet in 2021, the charity kept more than £1.1 million ($1.3 million) with JPMorgan Chase, according to the most recent filings, and still invests with the corporation today.
The foundation also held £1.7 million ($2 million) in a fund run by British firm Cazenove Capital Management, according to the 2021 filing.
As with JPMorgan, it still keeps funds with Cazenove, which in May had securities linked to deforestation through their use of palm oil.
The foundation invested similar amounts in both funds in 2020, its older filings show. As of December 2021, the charity also held more than £10 million ($12.1 million) in cash.
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