FRANKFURT (dpa-AFX) - The environmental organization Greenpeace protested on Thursday morning in front of the headquarters of the Deutsche Bank fund company DWS Investment in Frankfurt. With 25 red oil drums, banners and protective suits, the activists wanted to send a signal against the fund's investment policy. According to Greenpeace, around 200 liters of oil-like molasses ran out of the barrels and the banners read "No money for climate killers!", among other things. DWS rejected Greenpeace's accusations.

In a study published on Thursday, Greenpeace examined the investments of the four largest fund companies in Germany in fossil fuel companies. According to Greenpeace, DWS was ranked last in the industry when it came to implementing promised climate protection measures. "It is shocking that nine years after the adoption of the Paris Climate Agreement, not a single one of the asset managers examined pursues a Paris-compliant investment policy and the worst climate sinners are blithely financed," said Greenpeace financial expert Mauricio Vargas.

Deutsche Bank's fund subsidiary DWS has long been accused of selling so-called green financial products as "greener" than they actually are - in other words, "greenwashing". It was only at the beginning of February that the public prosecutor's office searched the premises of DWS. The first search in connection with the allegations had taken place in May 2022. DWS had always denied the "greenwashing" allegations. In June 2022, the CEO was replaced: Asoka Wohrmann was replaced by Stefan Hoops from Deutsche Bank.

DWS rejects accusations

DWS announced that the group had introduced a coal guideline last year. This contains investment restrictions for companies with an excessive share of revenues from coal extraction or electricity generation as well as for all companies that continue to expand their activities involving coal. "Over the course of the year, we significantly reduced our investments in companies that fall within the scope of the Coal Directive," it said.

In addition, "as part of our engagement activities", we have outlined expectations to portfolio companies regarding a complete coal phase-out from EU/OECD countries by 2030 and asked them to publish their transition plans for the coal phase-out, DWS added.

However, the implementation of the coal directive in certain portfolios, such as mandates of large investors, is dependent on the corresponding approval by third parties, as DWS does not have sole control over the investment policy here. "Accordingly, there are still some coal developers/coal companies in these portfolio holdings, as implementation can only take place once these approvals have been granted by the clients."

Greenpeace protests about the alleged greenwashing had already taken place several times: In June 2023, activists from the environmental organization climbed onto the canopy of the Deutsche Bank twin towers in Frankfurt and unfurled a banner measuring around 100 square meters with the inscription "DWS verpflichten, Klima schützen!"./lfo/DP/stk