If you believe in the hype surrounding climate change, then you’ll jump for joy at the news of another Spanish startup bubble inflating beyond the stratosphere. According to reports, the combined market value of Spanish startups has surpassed €100 billion. But is anyone really surprised?

With the increasing scrutiny on sustainable and climate-related investments, it’s now more vital than ever to question if these Spanish startup success stories amount to mere greenwashing fantasies. Take Seaya Andromeda, the latest `Article 9′ €300M climate-tech fund that’s supposed to pour money into environmentally friendly startups without actually saving the planet.

Despite the country’s proximity to some of the worst climate-related disasters, beatriz Gonzalez, the founder, claims Southern Europe has a hidden advantage in developing climate tech. In an industry plagued by over promising and underdelivering, Gonzalez’ notion of Spain having a competitive edge due to its industrial heritage and talent pool borders on deceit.

Moreover, ask yourself how much of Spain’s climate-warming efforts constitute genuine impact versus just hype. Five investments have been made with Seaya Andromeda; how do we know these haven’t contributed to the problem worse than they could have helped reduce it? Pachama for instance might be a cutting-edge verification system for carbon credits. But whose interests do you think such a system furthers?

Last week’s report from Plus Partners, another supposedly climate-conscious European VC fund, begs the question: should we give these startups as much scrutiny as we would be giving other climate initiatives?