Major financial firms steer millions in hidden funds to climate denial causes
Since 2020, financial giants Fidelity, Schwab and Vanguard have funneled more than $171 million through anonymous donor-advised funds (DAFs) to climate denial nonprofits aligned with Project 2025.
Joe Fassler reports for DeSmog.
In short:
- Donor-advised funds from major financial companies provided anonymous donations to groups involved in Project 2025, which rejects climate change.
- Project 2025 recipients include groups that promote climate misinformation and other controversial political agendas.
- While these firms offer ESG investment options, their DAFs provide tax advantages for donors seeking anonymity in supporting anti-climate causes.
Key quote:
“It started with Fidelity, but Schwab got into the act, and Vanguard, and then Goldman Sachs, everybody. It became a lucrative proposition for these commercial investment firms, and they started really marketing them aggressively.”
— Helen Flannery, research fellow with the Institute for Policy Studies
Why this matters:
The use of donor-advised funds allows wealthy individuals to support controversial groups without public scrutiny, fostering a hidden network of funding for climate disinformation. This anonymized financial support undermines broader efforts to address climate issues, and raises questions about the ethical responsibilities of financial firms promoting environmental sustainability.
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