Per this article by Bloomberg, in the 4th quarter of 2021 Morningstar stripped the ESG label from +1,200 funds, totaling +$1.2 Trillion, due to greenwashing – not delivering on their stated environmental, social and governance goals.
This is 20% of all funds that carry the ESG tag and, as the Morningstar investigation is continuing, they expect to catch more funds that are not meeting the standards they promote.
Having a globally accepted and respected sustainability program has always been the right way to go. Hopefully, these funds will see the value of same and chart a new course that benefits all.