Fossil en ergies are produced from mixtures of hydrocarbons formed as a result of geological transformations over millions of years. They are defined as 'non-renewable energies' precisely because the geological transformation process is so long that human beings cannot wait for their new formation. By fossil fuels we mean:

• those resulting from the combustion of coal or other polluting materials such as tar sands
• those resulting from the exploitation of oil
• those arising from the exploitation of natural gas

Fossil fuels are the biggest contributor to greenhouse gases and emissions. When burned for energy production, they release large amounts of CO2 into the atmosphere with highly negative consequences for the environment.

• Coal: the most polluting fossil fuel (responsible for about half of the world's greenhouse gas emissions). It is harmful to the environment and to human beings: in addition to CO2 emissions, its combustion also generates fine dust particles that are highly harmful to organisms.
• Oil: the most widely used fossil fuel, and although it is less polluting than coal, it still generates a large amount of emissions. Behind the use of oil to produce energy and fuel there are strong commercial and political interests, which make it a source of energy at the centre of convenience for many countries.
• Natural gas: Undoubtedly the least polluting of the fossil fuels. However, they are responsible for a certain amount of emissions (about 70% less than coal).

The topic of fossil fuels is mainly addressed through theexclusionary and regulatoryapproaches :

The exclusionary approach involves:

• The exclusion of investments in Society related to the production, sale or conversion of fossil energies
• The exclusion of investments in projects related to any kind of non-conventional extraction

Theregulatory approach is linked to the participation, signing or promotion by Society of the main international agreements on the subject:

• Carbon Discolsure Project (CDP);
• Paris Agreement on climate protection
• Montreal Carbon Pledge which aims to quantify and manage carbon and climate change impacts, risks and opportunities in investments and requires the measurement of each signatory's carbon footprint.

The results of our analysis show that 71% of sustainable funds exclude one or more aspects related to the exploitation, sale or production of fossil fuels.

• 67 percent of funds exclude investments in energy production or exploitation by coal or other pollutants
• 43% of funds exclude investments in energy production or exploitation through oil or natural gas
• 46% of funds exclude any type of activity related to unconventional extraction of raw materials
• 40 percent of the funds exclude any kind of fossil fuel-based electricity production or conversion