Swedish Green Funds Invest Billions in Blacklisted Mining Projects, Spark Concerns Over Greenwashing

A recent report has uncovered that Swedish green investment funds and banks have invested approximately 33.7 billion SEK in mining projects blacklisted for environmental damage and human rights violations. Despite being marketed as sustainable, these green funds hold stakes in controversial mines, including the Kamoa-Kakula Copper Mine in the Democratic Republic of Congo and the Antapaccay copper mine in Peru, both criticized for ecological harm and community displacement.

Institutions such as SEB and Sjunde AP-fonden are among the investors continuing these practices, with Sjunde AP-fonden holding 529 million SEK in the Antapaccay mine. The mines extract critical minerals like copper, lithium, and nickel essential for renewable energy technologies; however, most of these minerals are imported, raising concerns over transparency and ethical sourcing.

The report, a collaboration between Fair Finance Guide and the Swedish Society for Nature Conservation (Naturskyddsföreningen), highlights the disconnect between the funds’ green claims and their actual investment portfolios. Jakob König from Fair Finance Guide expressed understanding of investors’ frustration and emphasized the prevalence of greenwashing, urging savers to critically evaluate sustainability claims. This revelation calls for increased accountability and transparency in sustainable investment practices by Swedish financial institutions.