“Exit Fossils!” is emblazoned in red letters on a black wall. Black paint runs over the DWS logo. This is supposed to symbolize “oily drops”. The entrance hall of DWS smells like a car paint shop. The conflict between the environmental organization Greenpeace and DWS, the largest German fund company, which is majority-owned by Deutsche Bank, is coming to a head. Three weeks after Greenpeace activists demonstrated in front of the DWS building against its investment strategy, 20 activists have now entered the building, violently, according to DWS.
If the Greenpeace representatives were asked to talk three weeks ago, the fund company is now resentful: “We stand for critical and constructive dialogue with companies and NGOs. For us, this does not include storming companies and daubing walls,” DWS said. She has now filed criminal charges for trespassing and property damage.
Greenpeace finance expert Mauricio Vargas, who was himself employed in the economic analysis of a fund company until a good two years ago, emphasizes the agreement with DWS on the goal and the urgency of the topic of green investments. “However, we disagree on the speed and means of implementation,” says Vargas.
Financial sector has a key role
Greenpeace demands clear targets from DWS when exiting companies that are planning new coal mines and have no credible exit scenario. “At its core, it’s about 1 percent of the portfolio, which obviously and clearly contradicts the Paris climate goals and we don’t understand why DWS doesn’t take the step towards more credibility and exclude such companies from their funds,” says Vargas. “Other fund companies are already further along here.” Vargas sees the financially strong industry as playing a key role in slowing down climate change.
DWS also believes that decisive action is necessary, but only as a “large shareholder do we have the opportunity to put pressure on the company and thus get it to improve.” Greenpeace finds that too vague and not very binding.
The environmental activists have drafted an exit plan that would see DWS commit to selling shares in coal miners that don’t have clear environmental goals by the end of 2023. “While the global community is struggling to make progress in combating the climate crisis at the climate conference in Egypt, DWS remains radically inactive,” accuses Greenpeace and describes it as greenwashing to appear green to the outside world and at the same time invest in coal companies.
