Unmasking greenwashing – the role of the news media in giving voice to whistleblowers in sustainable finance

Abstract

Sustainable investing is on the rise within the financial sector. However, the honesty, reliability, and validity of the sustainable finance (SF) industry is currently facing increasing allegations and criticism, including from individuals within the sector. This paper aims to investigate how the news media give voice to whistleblowers in SF. To do so, a mixed methods approach was applied. First, expert interviews were conducted between March and April 2022 with individuals responsible for SF/ESG (‘environmental, social and governance’) investments in Europe as well as DWS whistleblower, Desiree Fixler. In parallel, the news coverage of two prominent whistleblowers in the ESG industry was examined using a qualitative, manual content analysis of articles from nine major financial news sites online. The findings of the interviews shed light on how the media provided whistleblowers a platform to expose organizational wrongdoings in the realm of SF. In addition, the content analysis showed that the financial news media provided a forum for information, criticism, and discussion about SF. The results provide innovative insights about whistleblower activities related to SF and greenwashing within the financial industry, and their portrayal in financial news media.