Fonds “verts” : comment éviter les pièges du greenwashing ? - Arthur Aubœuf et Joseph Choueifaty

The discussion centers on responsible investing, the challenges of greenwashing, and the launch of a new investment fund designed to address these issues. Arthur and Joseph, founders of Team for the Planet and Good Vest respectively, explain their initiatives. Arthur introduces Team for the Planet as a global network of 135,000 investors focused on climate solutions. Their model involves identifying and funding innovations that can transform polluting sectors. A key aspect is their community of 14,000 volunteer evaluators who help assess innovations. They also recruit entrepreneurs to scale these innovations into viable businesses. Team for the Planet operates as an investment company, with a new secondary market mechanism allowing for cash-outs starting in 2026. Crucially, all profits are reinvested into new innovations, aiming to multiply climate wealth. Joseph explains Good Vest as a platform for "truly responsible" investment, established to combat greenwashing. Their methodology aligns with the Paris Agreement and excludes fossil fuels and other harmful sectors. Good Vest allows individuals to invest in life insurance, retirement plans, real estate, and private equity. In 4.5 years, they have acquired 20,000 clients and manage €300 million. The core of the discussion revolves around their new offering: a Good Vest Team for the Planet fund. This is a 90/10 fund, meaning 90% is invested in sustainable bonds (loans to companies or states financing sustainable activities) providing liquidity and risk mitigation. The remaining 10% is invested in equities in Team for the Planet's innovative projects. Examples of these projects include Beyond the Sea, which uses giant sails to decarbonize ships, Citern for wave energy, and Monomeris for infinite plastic recycling. The fund is integrated into Good Vest's life insurance and savings plans. It launched with over €15 million and aims for €30 million invested by Good Vest by the end of 2026. The fund is also being distributed through Ecofi, part of Crédit Coopératif, and discussions are underway with other insurers and banks. It will eventually be available on stock accounts. A significant portion of the conversation addresses the skepticism surrounding impact investing and the prevalence of greenwashing. The speakers highlight that many "sustainable" funds remain exposed to fossil fuel developers, citing a Reclaim Finance study. They emphasize the need for transparency and robust methodologies. Good Vest's fund uses both Ecofi's Prism methodology and Good Vest's own, which includes excluding fossil fuels, analyzing carbon footprints across three scopes, and assessing biodiversity impact. The discussion touches upon the complexity of investment markets and the need for individuals to scrutinize fund holdings. While labels like ISR and GreenFin are mentioned, GreenFin is considered more rigorous than ISR, which has historically been criticized for not excluding fossil fuels sufficiently. The fund aims for a 1.7°C warming trajectory, below the 2°C target. The speakers differentiate between primary and secondary markets. Primary investment directly funds companies, while secondary market transactions involve the buying and selling of existing shares. While primary investment has a more direct impact, a functioning secondary market is seen as crucial for making primary investments attractive by providing liquidity and potential for capital gains, thus enabling further primary investment. The conversation also explores the financial performance of impact investing. While acknowledging that some impact investments might not offer explosive short-term returns like speculative ventures, the speakers argue that impact investing can drive significant long-term performance, especially in sectors crucial for the transition. Examples like IKEA's growth through sustainable practices and the potential for wave energy technology in France highlight this. They stress that impact investing is a long-term strategy, not a quick win. The role of Asia, particularly China, in ecological transition is highlighted, with China investing significantly more in renewables than Europe's 10-year plan. This suggests a global shift where ecological transition is not just an ethical choice but a pragmatic economic necessity. The discussion also delves into the practicalities of investing, including fees. The Good Vest fund is available with no entry or exit fees, and the institutional share class (available through Good Vest) has a management fee of 0.6% per year, while retail shares are 1.2%. Team for the Planet has a statutory limit of 20% on operating costs, with current expenses around 15-17%, and salaries capped at four times the minimum wage. The speakers share personal investment "mistakes" or misconceptions. Arthur mentions a company that struggled due to political instability freezing corporate capital expenditures. Joseph highlights the underperformance of a "Good Vest Kids" product and a real estate fund that was negatively impacted by a scandal. The potential of AI in impact investing is also explored, with Team for the Planet using AI to accelerate its international expansion and reduce its carbon footprint. Joseph emphasizes that impact-focused companies must adopt AI to remain competitive. Finally, the discussion touches on the future of mountain resorts in the context of climate change, with some seeing them as potential investment opportunities due to their year-round appeal and proximity to nature. The conversation concludes with encouragement for listeners to invest responsibly, emphasizing that their money can be a powerful tool for change.