False environmentalism: enough greenwashing says the EU, but women on boards fight it better

We see and read about it of all kinds, because on the one hand there are those who want to respect the environment, on the other those who speculate. In fact, greenwashing - false, artificial environmentalism - exists and is spreading. Political Europe has realized this and on 6 March a new one was published in the Official Journal of the EU directive which indicates unfair business practices.

The document specifies i sustainability requirements sold by companies together with the products. Unfortunately, misleading advertisements are a constant in the globalized world and everyone has understood that without ecological marketing there is no good business. Through advertising, companies give the impression that by purchasing their products, consumers are contributing to a low-carbon economy. It doesn't matter if the coffee, the flour, the yogurt, the bookshop, were obtained with poorly paid work, unprotected workers, in a subjugated area of ​​the world. All you need is a green brand, NO CO2 and business goes.

The University of Pisa studies the phenomenon

But do we also want to deal with the conscience of citizens? Of course, “because greenwashing negatively affects business, but the effect is mitigated by the presence of women. That is, when there is substantial gender equality on the boards of directors of companies,” he says Giuliana Birindelli, professor at the University of Pisa, author together with other colleagues of a very particular, almost revolutionary study.

Meanwhile, what has the European Commission established? I'm coming in March 2026 Member States adopt the directive to apply it from September of the same year. Effectiveness will be measured on the black list that qualifies companies' conduct. It is prohibited, for example, to display a sustainability label that is not based on a certification system or not established by public authorities. Consumers need to be protected and that's fine. “It is essential that they can make informed purchasing decisions and thus contribute to more sustainable consumption patterns.” Economic operators - thus the directive - assume responsibility for providing clear, relevant and reliable information. Before displaying a sustainability label, you need to worry about transparency and credibility with checks carried out by third parties. The buyer then pays.

Banks in the crosshairs

At this point, what does the University of Pisa study say that is so extraordinary? It was published on Research in International Business and Finance. The authors, in addition to Professor Birindelli, are Helen Chiappini of the University of Chieti-Pescara e Raja Nabeel-Ud-Din Jalal of the Catholic University. They looked at a sample of 77 European banks listed on the stock exchange (15 Italian) from 2013 to 2020. Why banks? “Because they are businesses on which the community's attention is very high – says Birindelli. When greenwashing is discovered or even perceived, investors and customers are punished." The market reacts angrily to the betrayal of trust, customers become skeptical.

Not even thinking about it. That the banks, sustainable, with no more paper, with few branches, can they scam you? “Yes, in the banking system there are many examples of cosmetic environmentalism” adds the Prof. A few weeks ago the ECB published a report from which it emerges that the banks that they declare themselves more attentive to the environment, they have actually granted huge loans to polluting companies. But how do we get to the influence of women? “Our study shows that these negative effects are reduced when there are women on the boards.” They are the most sensitive to environmental issues and most oriented towards information transparency. “These aspects play an important role in mitigating an incorrect practice such as greenwahing, which is widely spread in the banking sector, mitigating the negative impacts in terms of financial performance”.

The environmentalism practiced by women managers therefore beats male competition. The basic data of the Pisa study on environmental disclosure comes from Bloomberg and the data on the country's gross domestic product comes from the World Bank. The European Commission did well to put the brakes on a trap phenomenon of our time. Those who believe in environmental protection, without ideologies and in sustainable growth for future generations, must hope that more doors will be opened to women on boards of directors, in addition to what some laws already prescribe. Before 2026 and not just in banks.