Press review
Brookings
“Despite all the noise, the engagement efforts of asset managers had no effect on greenhouse gas emissions over the past decade. That’s one damning finding in research by Gianfranco Gianfrate, professor of finance at Edhec-Risk Institute, who has described greenwashing in the investment industry as a “weapon of mass destruction”. “Major [investment firms] are claiming to integrate sustainability into their stewardship and fund management”, said Gianfrate, “but they distract [end] investors, pretending they are doing what they are not doing.” Engagement is one of the industry buzzwords the professor focusses on. “All top asset managers are doing some greenwashing," he said. "[They] want the largest possible universe of securities to invest in, so don’t like to divest but ‘engage’. Engagement is a perfect tool for procrastination.”"
https://www.brookings.edu/blog/future-development/2021/10/22/financial-risk-ass…
2021
