Prince William branded ‘hypocrite’ for charitable investments in fossil fuel-linked bank | royal | New

William will travel to New York for the Earthshot Prize Innovation Summit

A new investigation has revealed that the charity founded by the Duke of Cambridge, which launched the Earthshot Prize last year, is keeping its investments in a bank which is one of the biggest funders of fossil fuels in the world. world. The revelation calls into question the purpose of William’s climate efforts, according to some members of the public.

Writing on Twitter, Alish said: “Save the planet preacher who uses helicopters as taxis. What did you expect?

“He doesn’t care, he only signals virtue.”

The Royal Foundation, the charity set up by Prince William and Kate, Duchess of Cambridge, also places more than half of its investments in a fund – advertised as green – which holds shares in major food companies.

Some of these companies buy palm oil from companies linked to deforestation, according to the Associated Press (AP) investigation.

The Duke, 40, has spoken increasingly about the dangerous effects of global warming.

In 2021 he won wide acclaim for introducing the Earthshot Prize, which saw five winners recognized for their work in tackling climate change and environmental issues, each receiving a £1million prize to develop more initiatives.

On the Earthshot and Royal Foundation websites, he is quoted as saying, “Earth is at a tipping point and we face a stark choice.”

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Prince William has been criticized for his charity’s ties to a bank that invests in fossil fuels (Image: GETTY)

Yet last year the charity kept more than £1.1million with JP Morgan Chase, according to the most recent documents, and is still investing with the company, AP reported.

The foundation also held £1.7million in a fund managed by British firm Cazenove Capital, according to the 2021 filing, the agency said.

The investments, which the Royal Foundation did not dispute when contacted by the AP, come amid repeated warnings from leading scientists that the world must urgently move away from fossil fuels to drastically reduce emissions and prevent more frequent and intense extreme weather events from occurring.

A Kensington Palace spokesperson said: ‘The Royal Foundation has followed the Church of England’s guidelines on ethical investing since 2015, and goes beyond these to prohibit investment in businesses of fossil fuels.

“We take our investment policies very seriously and review them regularly.”

The foundation pointed out that Cazenove was instructed to operate within its strict investment policy which follows the C of E’s investment guidelines, as well as its exclusions on fossil fuel companies.

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A small management fee is paid on its investment to JP Morgan Asset Management and Cazenove Charity Responsible Multi-Asset Fund. Trustees have overall responsibility for the charity and its work, the foundation said.

Compared to other charities, the Royal Foundation’s investments are said to be small, with little impact on the climate crisis.

However, they are not in line with the foundation’s ethos, which cites conservation and mental health as its main focus areas, or Prince William’s public statements, AP reported.

On social networks, the investigation sparked a lively debate.

According to Fawzia Ahmed, “William’s environmental work is based on self-service”.

She said, “He’s not a serious conservationist.”

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Green Brittany countryside

The controversy comes amid warnings from scientists that the world must urgently tackle climate change (Image: DAILY EXPRESS)

For Julienne, the case comes down to “hypocrisy, hypocrisy, hypocrisy” – an opinion supported by Ana Stacey, who wrote: “Hypocrite!

“Also, how do you have a climate change award, but every year it’s going to be in a different country? Doesn’t that defeat the purpose?”

The Duke of Cambridge announced last month that the second Earthshot Prize ceremony will take place in Boston in December, and to start the countdown to the event he will travel to the United States in September.

William will be in New York next month to attend the Earthshot Prize Innovation Summit on September 21, as the Earthshot Prize – along with Bloomberg Philanthropies – is to co-host the summit, where the first finalists and prize winners from the year will meet.

The Prince is about to address guests gathered alongside Michael R Bloomberg, who works to help scale and replicate Earthshot solutions as a global advisor to Earthshot Prize winners.

Commenting on William’s journey across the pond, Paul Laidlaw asked: “How is he going to get there…private or economy jet on a charter plane?”

But not all view claims about the Duke’s environmental work as a disappointment, with some saying fossil fuel investments are commonplace in the banking sector.

According to Anne Mctavish, her charity’s fossil fuel site survey is “just trying to stir up controversy for fun”.

She added: “How many banks that survived the crash don’t have investments in energy, pharmaceuticals or mining?

“They are not illegal so will be open for investment.”

Several on Twitter agreed.

User @jay7yn said: “Name ONE legit bank that is not related to fossil fuels.”

Along the same lines, Joan asked, “Could you provide a list of the major banks that are not major financiers of fossil fuels?”

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