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"Unmasking Deception: Banks, Tech Giants, and the Power of Climate Stories"

Published: 2024-09-11

Welcome to today’s Greenwashing Digest! Here, we uncover the truth behind false environmental claims. Our goal is to help you see through the lies and understand the real story. Let’s get started with today’s news.

A new study by the Tax Justice Network found that 60 global banks moved $6.9 trillion through secretive financial centers, like the Netherlands, from 2016 to 2023. These banks and fossil fuel companies try to look eco-friendly, but they hide their true actions. Even though the Netherlands has tried to stop tax evasion, there’s still a lack of transparency. As climate change becomes a bigger issue, banks are under more pressure to stop funding fossil fuels. This study shows we need more honesty and openness in the financial world.

In the workplace, a worrying trend has appeared over the last 20 years. Employers are using automated systems to watch workers' activities, habits, and even their biometric information. This data is used to decide hiring, behavior, productivity, and pay. Companies like Amazon and Uber have been criticized for using this data to set wages, which can be unfair and unpredictable. Even though the White House has guidelines to protect workers from unfair AI practices, problems like wage discrimination still exist. This shows how companies can use technology to hide their exploitation of workers. There is a growing call to ban unfair wage practices to ensure fair pay and protect workers' rights.

Climate stories can capture people’s attention and inspire change. Movies like “Twisters” and “Interstellar” show that climate stories can be both interesting and impactful. Groups like Grist, Drilled, and Creatives for Climate are leading the way in telling these stories. Lucy Von Sturmer’s Creatives for Climate fights against greenwashing, while Amy Westervelt’s Drilled looks into climate issues. The Environmental Media Association brings sustainability into entertainment, while Daughters for Earth and Grist use creative storytelling to highlight climate solutions. These stories can drive climate action and inspire global change, cutting through the lies often spread by big companies.

Lawyers at Eversheds Sutherland Investment Services have reviewed important regulatory updates:

  1. FINRA’s Crypto Asset Activities Update explains common crypto activities and possible rule violations by broker-dealers.
  2. A Federal Judge stopped Missouri’s Anti-ESG Rules, saying they break the First Amendment and are overruled by federal laws.
  3. FinCEN’s Final Rule on Anti-Money Laundering requires certain investment advisers to start Anti-Money Laundering programs by January 1, 2026.
  4. FINRA’s New Thematic Reviews introduce a new exam type to focus on high-risk areas and find best practices and potential issues.

These updates help us understand changes in investment services and efforts to ensure ethical practices.

As we explore greenwashing, it’s important to stay informed and alert. The lies and fraud we uncover today show why transparency and accountability are crucial in all sectors. Together, we can push for a better, more honest world for future generations.

Thank you for reading today’s Greenwashing Digest. Stay tuned for more updates and keep questioning the stories you hear. Let’s work together to create a better world for our children.

We want to hear from you! Share your thoughts and experiences with greenwashing in the comments below. How do you stay informed and hold companies accountable? Your insights are invaluable in our fight against deception and hypocrisy.

https://www.businesstimes.com.sg/esg/trillions-dollars-fossil-fuel-finance-routed-tax-havens-study

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