Uncovering the Truth: How Evidence from FIND is Fuelling Transparency in the Energy Sector

This story is part of a series highlighting the impact of FIND’s work across its five core practice areas. This story highlights work done for the Beyond Fossil Fuels coalition from 2024 to 2025 under FIND’s Environmental Justice pillar.

Today, as greenwashing undermines real climate action, exposing the truth behind corporate environmental claims is more important than ever. Since 2024, FIND has been working with the Beyond Fossil Fuels coalition – made up of leading environmental groups, including Greenpeace and the World Wildlife Federation – to investigate Czech energy conglomerate Energetický a průmyslový holding (EPH). EPH, owned by Czech billionaire Daniel Křetínský, has built its empire through acquisition, including of extensive dirty coal assets. In 2022, it was the third largest greenhouse gas emitter in Europe. Since then, EPH has publicly distanced itself from its coal business in an effort to boost its ESG credentials, but FIND research has uncovered continuing close connections.

EPH recently transferred its coal assets to a sister company, EP Energy Transition (EPETr), as part of a restructure which it claims will make the group “fully coal-free by 2030.” However, Beyond Fossil Fuels’ recent report, Behind the Mask, draws on FIND’s research to make the case that this separation appears to be largely superficial.

FIND developed a powerful case based on the collection and analysis of publicly accessible data on EPH and EPETr’s structure, finances, and operations. FIND’s investigators uncovered and documented overlaps between the two companies. From shared executives and management structures to interconnected infrastructure and intercompany loans, the findings showed that whilst legally distinct, EPH and EPETr operate under common control and direction. Armed with this information, Beyond Fossil Fuels published Behind the Mask, to inform financial backers about the questionable distinction between the two parts of the business.

As the report highlights, “Although EPH publicly states it will soon be coal-free, its extensive operational, financial, and managerial ties to its sister company EPETr ... suggest[s] an ongoing commitment to coal operations.” This arrangement helps EPH to maintain the appearance of a clean energy transition to its financial backers while arguably continuing business as usual behind the scenes.

Behind the Mask is part of a broader effort to expose greenwashing on a global scale, in a way that impacts companies’ bottom lines. EPH has relied on financial institutions to fund its expansion; if those institutions tighten their ESG criteria in response to findings like these, it could have far-reaching implications for EPH and similar companies’ access to capital, forcing them to make real changes.

 With help from FIND, Beyond Fossil Fuels is working to elevate public awareness of EPH’s tactics, raise the profile of its billionaire owner, and provide the evidentiary foundation necessary to encourage banks and institutional investors to fulfil their obligation to conduct human rights and environmental due diligence. With two major loans maturing in 2025, these financial institutions now face a choice: fund a business built on coal and greenwashing (and suffer the consequences in the court of public opinion) or use their leverage to demand real climate accountability.

 FIND brings credibility, strategic framing, and a detail-oriented approach to its engagements and partnerships. We translate raw financial records into coherent narratives that can be used not just for advocacy, but to help our partners and policymakers bring about real change through tactical interventions. By providing accurate, actionable findings and analysis, FIND plays a crucial role in supporting campaigns for a just transition. To learn more about FIND’s approach to empowering communities and advocates with cutting-edge investigative research, visit find.ngo.