DWS Fined a Record €25 Million in ‘Greenwashing’ Scandal

News broke today that DWS (Deutsche Bank’s asset manager) has been fined €25 million, which activists are calling one of the biggest ‘greenwashing’ fines yet. The fine has come after years of the firm dodging claims of greenwashing as they falsely advertised ESG claims and sustainability credentials. In 2023, DWS had already been fined a then-record $19 million by the US for misleading green statements. Since the scandal, the asset manager has scaled back sustainability efforts in an effort to hold a reputation. Cases like DWS are the voice for more ESG policing and standardisation needed in the rapidly changing sustainability landscape. Experts agree that incorporating ESG solutions into businesses is now an essential requirement in the market.

EU Commission invites stakeholders

The EU Commission has launched 6 public consultations inviting stakeholders and citizens for their input on the future of the EU Budget and policy directions. Many of these are relevant to the financials and investments required for the EU to meet decarbonisation targets. With current projections, the EU needs to spend €570 billion between 2021-2030 and an additional €690 billion over the coming decade in renewable energy investments to meet the targets. The EU’s next long-term budget, the multiannual financial framework (MFF), starting in 2028, will be crucial to hitting targets and bolstering the EU’s growing military efforts. This is an unmissable opportunity for businesses to have their say in the financial sustainable direction of the EU market.