On Tuesday 15th March, the Fair Finance Guide Germany was launched at a press conference in Berlin. A summary of the results given, showed that five of the eight banks evaluated did not even meet half of the defined 240 criteria. The alternative banks, GLS bank and Triodos, currently lead the ranking, with the Landesbank LBBW and the Catholic Pax-Bank trailing behind. It is worth noting all banks have deficits in the introduction and implementation of guidelines related to climate change, and there are very rarely concrete requirements placed on banks’ business relationships, for example, in reduction of greenhouse gas emissions. Overall, the conclusion of the panel was that the majority of banks are not sufficiently considering sustainability in their investments and financial decision making, and are not providing clear information to customers in this regard.
The event was attended by over 20 participants who were able to engage the panel in a Q & A session in relation to the publication of the new portal, as well as more general questions. The panel comprised representatives of Facing Finance and Rank a Brand (members of the German Fair Finance Guide), Oxfam Novib (Coordinating organisation of the international Fair Finance Guide campaign) and the consumer organisation Bremen.