A SCOTTISH investment giant upped its shares in a host of US fossil fuel firms last year, while also claiming millions of taxpayer money for a…
A SCOTTISH investment giant upped its shares in a host of US fossil fuel firms last year, while also claiming millions of taxpayer money for a carbon offsetting scheme to plant trees in the Highlands.
Abrdn claimed it is a “responsible investor” which is committed to “driving the change required” to reach global net zero targets. Abrdn’s US holdings in ExxonMobil, Chevron and Total were together worth nearly £270m at the end of 2023. All three companies were named among a list of 57 global firms – the so-called “carbon majors” – who have been directly linked to 80% of carbon dioxide emissions since 2016.Other firms Abrdn bought more shares in last year included those who burn coal for energy and who are involved in fracking.
However, critics of offsets argue that some companies use them to “greenwash”. They claim that companies use offsets to boost their climate credentials without taking necessary steps to reduce their own emissions, such as an investment firm reducing its financing of fossil fuel companies. “This brings them into the territory of greenwashing,” Doble said. “These kinds of offsetting projects allow business as usual for corporations, it increases already inflated Scottish land prices and fuels further speculative land acquisitions for corporations.'Naked opportunism is no way to serve the nation'
Abrdn has faced a backlash over its fossil fuel investments in recent years. Its annual general meeting in Edinburgh last year was targeted by protesters after The Ferret revealed it had bought bonds issued by the world’s largest private coal company, Indian conglomerate Adani. A spokesperson for Abrdn said: “As a responsible investor managing assets on behalf of many clients with different mandates and investment objectives, we believe it is important for asset managers to assess whether it is appropriate to impose targets and restrictions where they have not been mandated by the client.
Abrdn is facing financial difficulties and plans to cut 500 jobs this year as part of a drive to save £150m a year.
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