The finance puzzle is slowly taking shape, but it still has holes in it. Since 2021, financial intermediaries must provide information on the degree of sustainability of their investment funds. Of the three categories set up by European regulations, the one defined by article 9 was quickly used as a label rewarding “dark green” vehicles. That is, those whose investments generate a positive impact on society and the planet, in addition to a financial return. We thought we were holding a tool that would sort the wheat from the chaff. However, in reality, financial products covered by Article 9 often invest in companies that are polluting but full of good intentions, and are also likely to be the subject of greenwashing. These are some of the lessons of a recent post carried out by two researchers from the University of Zurich. Their research calls into question the real motivations of managers active in sustainable finance and highlights the questions that are still open for sustainable finance to really be so.
