The complexity of regulations in the Green Finance market often compels investors to make decisions based on incomplete information. This lack of transparency can result in serious consequences.
Like the gambling game “Find the Lady”—a confidence trick used to perpetrate fraud—a dealer (Investment firm) attracts players (investors) with a very simple choice: invest or not.
However, when the bet (investment) is placed, the dealer manipulates the cups (market data) to ensure the player's loss in any scenario (on a financial aspect and/or sustainable one).
GreenRock, refers to BlackRock, the largest investment firm with assets totaling $8.6 trillion. While BlackRock ranks in the top three in Green Finance, in actual fact they are among asset managers using funds labeled ESG to invest in coal, oil, and gas.(1)
The three projects presented within each cup refer to recent scandals in Green Finance:
UBS and Santander sold ‘green’ bonds linked to deforesters and slave labour in Brazil.(2)
Spanish oil leader Repsol raised €500 million in green bonds to refurbish its refineries.(3)
Hong Kong Airport won the Hong Kong Green & Sustainable Finance Awards 2022.(4)
In this current evolving market, investment firms are challenged not to bend the rules. Investors appear to be gambling on expected sustainability of their portfolios.
Even when investors appear to win, we all lose.

1 The Guardian, 2 May 2023: “Green investment funds pushing money into fossil fuel firms, research finds.”
2 Unearthed (funded by Greenpeace) 17 October 2023: “UBS and Santander’s ‘green’ bonds”
3 The Faculty of Law, University of Oslo: “How green are green bonds really?”
4 Hong Kong Airport Website, 8 december 2022: “HKQAA International Symposium & Hong Kong Green and Sustainable Finance Awards 2022”