In the face of a climate emergency, the so-called “green” finance world is multiplying ethically, environmentally responsible, sustainable investments … Reality? A system of absolute cynicism that is well hidden behind Greenwashing operations. Raise.
As global warming accelerates and natural disasters follow at an astonishing rate, scientists and activists have been saying this loud and clear for years: We need to radically change the model of society. In the face of these claims, the world of economics seems to be questioning itself.
The textile industry began to sustain itself; That food, organic farming. And finances? It is going to become greener. In recent years, the growth of funds and investments, which have been called “sustainable”, has been exponential.
In 2014-2017 alone, the market for these investments has almost tripled. And do not think that the pandemic of Covid-19 has slowed down the pace of these funds, on the contrary. In September 2020, almost 800 funds called “sustainable” experienced a 70% increase. 300 billion.
A new Eldorado that enables the banking sector to restore its image following the financial crisis and repeated tax scandals in recent years. What do we actually find under the spotlight of these attractive products and communication campaigns?
When the authors of Finance get greener, this evening’s enhanced documentary, which airs on Art, tells aloud what they discovered by contrasting financial actors with the reality of their montage. “Leaves speechless.” Keywords? Green washOr planting.
Impunity and opacity
Because these so-called “green” investments, which only feed the responsible companies, reveal a whole galaxy of companies that are not really known for their ecological image: Dassault Systèmes, Coca-Cola, Exxon, TotalEnergies … In this nebula, industries . The place of choice is occupied by petrochemicals.
Romain Girard and Matteo Bourne, the documentary filmmakers, then develop their fascinating portrayal with two stunning examples. We will confine ourselves to mentioning the Belgian community Umicore, Specializing in metal processing. In the 1980s, he managed to process heavy metals in mines, particularly lead mining.
The mining district of the former Saint-Félix de Pallières, located in Seven and closed for 40 years, is still remembered today … Over the years, the company left thousands of tons of toxic waste in the forests of Seven, polluting all environmental soils and water. And if it is now (a little) active in cleaning up a heavily contaminated area, the facility will take years when the damage has already been done.
These wastes have caused cancer in animals and humans living nearby. Once happy owners of houses in the middle of nature, they only have tears in their eyes: now they are not for sale or almost.
The location of the company’s Belgian headquarters, located in Olen, is no better … Here is a mountain of radioactive waste 265,000 m3 that surrounds the site, to the point that it turns into the largest landfill. Belgium. The problem is also the huge pebbles in government shoes, as Umicore weighs heavily: € 8 billion. Forcing the area to be cleaned and polluted will cost billions of euros and drive the company out of business …
Despite this heavy responsibility and the vague explanation of the company’s communication department, Umicore is one of the most valued companies in this green investment. How is it possible? Thanks to the role of extra-financial rating agencies.
This helps companies engage in these “green” labeled investment funds by assigning them ratings based on social and environmental criteria, grouped by ESG abbreviated: Environmental, Social, Governance. The problem is that these evaluation criteria do not meet any of the standards; And they vary from agency to agency …
The opportunistic and cynical system
It does not matter that the banks that invest in these funds use all the terms on the ecological trend to surf to better convince those who spend money, between “100% organic”, “ethical”, “environmentally responsible”. … Finally, opacity remains beyond this obscure ecological heritage.
In 2020, the almighty Deutsche Bank boasted in its annual report on the management of astronomical sums of 459 billion euros in “sustainable” funds. Absolute record. But the banking institution was recently caught in the eye of the storm. On Tuesday, June 1, a search was conducted for investments that were more durable than they actually were.
Justice has found it to this day “Indicates that, contrary to what is stated in the sales prospects of those funds,” which is promoted as “sustainable” and operated by DWS , “ESG criteria are not considered in a large number of investments.”
The warning was given by Desiree Fixler, a former head of sustainable development at DWS, who also testified in the documentary. Finances are washing more green. His testimony is all the more interesting in that he precedes the final trial of the case. Dismissed for good and disloyal service in the eyes of management, he became a whistleblower. Green finances? “This is just a market based on rhetoric and not evidence” He argues. Something to think about …
A documentary by Roman Girard and Matteo Bourne, “Finances Cleanse Greener,” will air on June 7 at Arte. Also available on arte.tv until July 6, 2022.
Source: allocine
Emily Jhon is a product and service reviewer at Gossipify, known for her honest evaluations and thorough analysis. With a background in marketing and consumer research, she offers valuable insights to readers. She has been writing for Gossipify for several years and has a degree in Marketing and Consumer Research from the University of Oxford.
