Sustainable Finance Faces Uphill Battle in 2023: Investing according to ESG criteria continues to polarize the financial community, especially in light of the Ukraine war. The controversy around ESG is likely to remain fierce… ESG SFDR Article9Funds
Last year was partly marked by major reservations about sustainable investing as asset management came under scrutiny, particularly with Russia's invasion of Ukraine in February 2022. The war pitted environmental, social, and governance criteria against each other, confronting companies, investors, and governments alike with several dilemmas in ESG investing.In Europe, governments reverted to using fossil fuels as they aimed to reduce their dependence on Russian gas.
According to critics, 2022 is a foreshadowing of things to come. ESG investments not only missed the rally in energy stocks but also suffered losses because they are overweight in technology stocks, which fell sharply in value. In addition, risk distribution in ESG portfolios is narrower than in traditional portfolios because the focus on ESG assets means that optimal diversification has to be sacrificed.
Critics say the many different interpretations of SFDR make it impossible to compare products in terms of their proportion of sustainable investments. Because there is no universal, objective, and strict regulatory framework for this type of investment, this is likely to become an ever greater drag.German authorities conducted the first-ever greenwashing raid in May, searching the offices of Deutsche Bank subsidiary DWS to investigate greenwashing allegations.
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