2023-10-02 05:19:10
Published on October 2, 2023 at 07:19. Modified on October 2, 2023 at 07:22.
On September 26, the management company DWS received the largest fine ever imposed in the United States for greenwashing. The Deutsche Bank subsidiary agreed to pay $19 million (without admitting or denying its guilt), after falsely claiming that its management integrated ESG factors, linked to the environment, society or corporate governance. Even before this sanction fell, the opening of the investigation two years ago caused awareness in the financial sector: making false declarations regarding sustainable management is akin to securities fraud. movable. And can lead to severe consequences, in addition to a fine: DWS shares are still trading at nearly 20% below their value before this affair. Are such fines the way forward to develop sustainable finance? After DWS, should we expect other similar procedures?
It’s a decision to be welcomed, says Tali Paschoud, member of Avocat·e·s pour le climat, an association which brings climate protection issues before the courts: “The world is moving, we are starting to not no longer tolerate banks and asset managers riding the sustainable wave for their own profit, instead of aligning financial flows with the Paris Agreement. The high amount of the fine shows that this is a serious violation.” Climate Lawyers made themselves known by filing a complaint against FIFA on behalf of the Climate Alliance at the end of 2022, before the Swiss Loyalty Commission. The World Football Federation was found guilty of greenwashing for declaring that the 2022 World Cup was carbon neutral.
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