If you think we’re serious about taking on greenwashing by slapping HSBC on the wrist for misleading ads, you should see what they’re doing in Germany. German police raided HQs of Deutsche Bank (and a Deutsche Bank subsidiary called DWS) because they’re under investigation for lying about how green their investments are.
They’re under investigation from BaFin, the German financial regulator, after a former DWS Head of Sustainability exposed lying in Deutsche Bank’s reports claiming it invested greener that it does. And BaFin aren’t the first to go after Deutsche Bank, the US Securities and Exchange Commission placed them under investigation too. Deutsche Bank are surrounded by scandal.
In response, the CEO of DWS resigned!
If you thought *we* were tough on greenwashing, German police are RAIDING the headquarters of a @DeutscheBank subsidiary because of it
— Bank On Our Future (@bankonourfuture) May 31, 2022
There’s a clear crackdown on banks pretending to be green when they’re not. And this should be a clear warning to the likes of HSBC and Citi. Who must stop investing in fossil fuels, or face investigations.