Green or greenwashing? The $95m sustainability paradox

Launched in 2018, the Tropical Landscapes Finance Facility (TLFF I) was hailed as a pioneering example of sustainable finance, bringing together Michelin, BNP Paribas, WWF, USAID, and other partners to support sustainable rubber production in Indonesia through a $95 million bond. Intended to balance environmental protection, community development, and commercial success, the initiative soon faced allegations of greenwashing, stakeholder grievances, and scrutiny over its sustainability credentials. This case explores the tensions between innovation and accountability, reputation and reality, and the challenge of judging past sustainability initiatives against evolving standards. When ambitious green finance projects encounter unintended consequences, how can leaders distinguish genuine progress from well-intentioned greenwashing?