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Environmental NGO Greenpeace Germany has hailed a fine for the fund management company DWS in the U.S. as a 鈥渟uccess鈥� in the fight against greenwashing in the sustainable finance sector. U.S. financial authority SEC had imposed a fine of 25 million dollars on DWS, which is controlled by Deutsche Bank. 鈥淭he high fine demonstrates that misleading consumers in environmental topics is not a petty crime,鈥� Greenpeace鈥檚 finance expert Mauricio Vargas commented. The SEC鈥檚 fine should serve as 鈥渨ake up-call鈥� to DWS鈥檚 customers, who had to ask themselves whether they want to finance 鈥渢his kind of scandalous business practices,鈥� Vargas said. Institutional investors should take the penalty as an opportunity to thoroughly reassess their approach to environmental issues in finance, he added.

顿奥厂听聽it was 鈥減leased to have resolved鈥� the issue with the American authorities, which related to 鈥渃ertain historic processes, procedures and marketing practices the firm has since addressed.鈥� The company said it had scrutinised its internal rules for communicating its approach to the ESG (environmental, social, governance) sustainable finance principles and worked on its financial disclosures to improve compliance with financial regulations. The Deutsche Bank subsidiary stressed that the SEC did not find fault with the integration of ESG principles in the U.S., but that it rather 鈥渓acked processes and procedures to evidence that such integration was documented in a consistent manner.鈥�

Financial supervisory authorities in the U.S. and Germany聽, relating particularly to potential聽greenwashing in customer communication聽and disclosure. In Germany, investigators were helped by an internal whistleblower from the company saying that DWS鈥檚 sustainable finance claims were largely overstated.