Great commitments to climate protection can be heard from the financial sector and more and more green financial products are being advertised. Global 2000 tested banks for their actual sustainability for the first time.
"Green accounts can sometimes give the wrong impression and, despite existing regulations, can only be called that for marketing purposes," says Lisa Grasl, expert on sustainable finance at Global 2000. The bank check is intended to provide orientation for environmentally conscious consumers who do not want their money to be used to support environmentally harmful companies. Not the evaluation of individual products, but the banking business itself was the focus of this research. To this end, eleven banks were each confronted with 100 detailed questions.
Sustainable banks: Sobering results
The analysis is sobering: "Although banks use the environment to win the trust of climate-conscious consumers, they are waiting for legal obligations to actually convert their core business towards sustainability." According to Grasl, "The financial sector's newfound awareness of green issues is very welcome and an important step in the right direction, but it must not lead to green washing."
In the survey, only the environmental bank Raiffeisenbank Gunskirchen was able to exclude financing for companies in the field of fossil energies. All participating banks advertise with sustainability; for the most part, however, they continue to finance environmentally harmful sectors such as the fossil energy industry.
And that's not the only problematic area in which Couches continue doing business while earning money in the booming market for green financial products. Cooperation deals in the arms industry, genetic engineering or gambling are still profitable. And: Current ratings sometimes classify oil companies as “sustainable”. This suggests that there are even worse industry representatives. This misleads those who use ranking results as a guide.
Photo / Video: Option.