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In 2024, COP29 must dig itself out of a bigger hole. We have neither the time nor the patience for more scams or games of smoke and mirrors like your greenwashing fund. Pacific Climate Warrior Joseph Zane Sikulu, from the low-lying islands of Tonga, calls it greenwash. “We
This is a key conclusion in the latest edition of The GRI Perspective: Auditing to save the planet: the battle against greenwashing. Eelco van der Enden, CEO of GRI, said: “To put it simply , greenwashing is akin to fraud: it misleads stakeholders, markets and consumers – and must be stopped.
For the report, EY’s 2024 Global Corporate Reporting Survey, EY surveyed 2,000 finance leaders including CFOs and financial controllers across 30 countries globally, in addition to 815 institutional investors.
million) penalty on superannuation fund Active Super trustee LGSS, after finding that the firm had engaged in greenwashing by continuing to invest in securities in areas that it had claimed to eliminate for environmental or social reasons. million penalty against Mercer Superannuation in 2024. million (USD$6.7
Toronto’s proposal would potentially remain open to ads that align with the city’s net zero goals and don’t run afoul of new federal anti-greenwashing regulations. When new anti-greenwashing regulations came into effect in Canada earlier this year, Pathways removed all content from their website.
BAKU, Azerbaijan, November 13, 2024 /3BL/ - KPMG International invites you to be a part of a diverse range of sessions at COP29, which aim to facilitate meaningful exchanges on climate and sustainability issues. With sustainability and transparency at the forefront of the business landscape, the issue of greenwashing has emerged.
As companies respond to demands for both mandatory and voluntary ESG disclosures, the risk of greenwashing grows. Investors and customers are also initiating litigation to hold companies accountable for greenwashing. Why evaluate greenwashing risks? Recent studies highlight how prevalent greenwashing has become.
Hundreds of RI funds have been winding down in the United States and Europe in 2024 alone, and product development slowed significantly in the first nine months of the year when, according to Morningstar data , 246 new funds came to market globally, compared with 444 over the same period in 2023.
The report found a 12% decrease in the number of companies associated with greenwashing risk in the year ending in June 2024, signalling a significant shift in corporate behavior, according to RepRisk, with the number declining for the first time since 2019. Alternatively, greenwashing cases increased slightly in the U.S.,
Under the new proposal, portfolio managers would be subject to the new naming and marketing rule on December 2, 2024, the same date as asset managers, and would also be able to begin using the labels at the same time. Our good and poor practice anti-greenwashing examples will help firms market their products in the right way.”
The new measures include an anti-greenwashing rule, applying to all communication by FCA-authorized firms about the environmental or social characteristics of financial products or services, aimed at ensuring that the claims made “are fair, clear, and not misleading, and consistent with the sustainability profile of the product or service.”
Increased supervisory actions and better access to data and other resources will be required to address growing greenwashing risks at banks, investment firms and insurance companies, according to new reports released by Europe’s three primary financial regulatory agencies, the European Supervisory Authorities (ESAs).
Key sources of greenwashing risk identified by the regulators included claims about sustainability impact and company engagement made by asset managers, litigation risk related to misleading ESG claims made by banks, and misleading product claims by pension and insurance providers.
The CSRD took effect from the beginning of 2024 for large public-interest companies with over 500 employees, followed by companies with more than 250 employees or €40 million in revenue in 2025, and is slated to take effect for listed SMEs in 2026.
While 2024 issuance remained flat year-over-year at $1 trillion, however, sustainable bond volumes underperformed strong growth in the overall bond market in the year, with share of global issuance declining to 11% from 15% in the prior year. Moreover, Moodys does not anticipate a significant decline in U.S.
February 29, 2024 /3BL/ - On Tuesday, March 12, Mohamed Abaas, environmental sustainability specialist from Sofidel , will present tips for cutting through greenwashing to improve scope 3 emissions and meet sustainability goals at the Clean Buildings Conference (CBC) in Baltimore. HORSHAM, Pa.,
Australia’s competition regulator the Australian Competition and Consumer Commission (ACCC) announced today the release of its final guidance on environmental claims, aimed at helping companies comply with rules to avoid misleading green marketing and advertising green claims, and protecting consumers from greenwashing.
The European Council today announced today that it has reached an agreement on a series of proposals aimed at protecting consumers from greenwashing, setting requirements for companies to substantiate and verify claims and labels regarding the environmental attributes of products and services.
Cancelling oil industry greenwash There’s a growing consensus that the PR companies involved in greenwashed campaigns need to be held to account. Addressing the UN General Assembly in 2022, Secretary-General António Guterres took aim at the “massive PR machine raking in billions to shield the fossil fuel industry from scrutiny.”
With carbon offset claims at risk of being viewed as greenwashing, corporate buyers are concerned about properly evaluating credits. Consistent with 2023 survey results, MRV, cost, and permanence are prioritized components for corporate buyers purchasing carbon removal credits.
Adopted by the EU in November 2023 , and taking effect in December 2024, the EuGB regulation was launched by the European Commission to establish a gold standard for green bonds, in order to combat greenwashing and advance the sustainable finance market in the EU.
Global issuance of labelled sustainable bonds – including green, social, sustainability, sustainability-linked, and transition bonds – declined sharply in the second quarter of 2024, as fewer new issuers entered the market and issuers contend with regulatory scrutiny, according to a new report released by Moody’s Ratings.
Rising levels of sustainability-focused regulation and investor scrutiny have contributed to a decline in greenwashing activities by companies. A new report from date science firm RepRisk highlighted a 12% year-on-year decrease in companies linked to greenwashing – marking the first fall in six years.
Source: Adfree Cities The ad was challenged by ad-focused activist group Adfree Cities in May 2024, who claimed that the ads constituted greenwashing, and fell short of the UK advertising Codes which require ads not to mislead by omitting material information, in this case by leaving out information regarding Lloyds contribution to GHG emissions.
The announcement follows the release in May 2024 by ESMA of its finalized guidelines for the use of ESG and sustainability-related terms in investment fund names.
We expect 2024 to be about ESG accountability and an era where investor-corporate dialogue will be vital, 60% of investors hold companies answerable on ESG, while 40% of executives face ESG questions on over half their investor calls.
The FCA’s SDR requirements were introduced by the regulator in November 2023 , aimed at helping investors assess the sustainability attributes of investment products, and to avoid greenwashing risk, to portfolio managers.
Across North America, rental units represent roughly one-third of dwellings, and steep rent hikes in many metropolitan areas have added enormous strain to those household budgets. per year but can apply for more if they’ve renovated the building significantly).
— NY AG James (@NewYorkStateAG) February 28, 2024 Agriculture has emerged as a major focus area for climate action, as the sector accounts for a significant proportion of global greenhouse gas (GHG) emissions, and among the most difficult areas to address climate impact.
The changes follow the release in May 2024 by ESMA of its finalized guidelines for the use of ESG and sustainability-related terms in investment fund names.
Originally published on September 3, 2024 on LinkedIn Climate Week Takeaways: Momentum, Challenges, and Opportunities Following New York Climate Week, I'm reflecting on the key insights gained from an incredible week of connection and collaboration with fellow climate professionals, customers, suppliers, and peers.
along with ongoing corporate greenwashing and fossil-fuel disinformation, it’s sometimes hard to tell if society is moving forward or slipping back. Between July 1, 2016, and January 15, 2024, Clean200 companies generated a total return of 103.5%. The 2024 Clean200 proves there are true sustainability champions out there.
Switzerland’s Federal Department of Finance (FDF) announced today that it will proceed with plans to propose regulations to address greenwashing in the financial sector, including investment and disclosure rules for financial products using labels such as ‘sustainable,’ green,’ or ‘ESG.’
Adopted in 2021 and coming into effect for the 2024 financial year, the CSRD is the regulatory framework requiring firms to file social and environmental data and impact reports. Here are the main rollbacks proposed in the initial package. But Maria van der Heide, head of EU policy at ShareAction, a U.K.-based
The new rules form part of the FCA’s Sustainability Disclosure Requirements (SDR), introduced by the regulator in November 2023 , aimed at helping investors assess the sustainability attributes of investment products, and to avoid greenwashing risk, to portfolio managers.
The European Supervisory Authorities (ESAs) have issued a Call for Evidence to stakeholders on greenwashing. . The ESAs have also asked for any available data to help them gain a more concrete sense of the scale of greenwashing and areas of particularly high risk. .
The report also found that greenwashing had overtaken performance concerns as the pre-eminent barrier to responsible investing. Regulators’ focus on greenwashing has also contributed to heightened transparency, as investors seek to back up their sustainability claims.”
This could be for a variety of reasons: Threat of greenwashing accusations: In 2024, in a greenwashing lawsuit against KLM, a Dutch court ruled that the firm had broken the law through misleading advertising in 15 of the 19 environmental statements it assessed.
Originally published on bloomberg.com Green finance regulatory developments The 2023 United Nations Climate Change Conference (COP28) galvanized the energy around the global green finance agenda, setting the stage for a busy 2024 of green-related rulemaking and policy guidance for the financial services sector.
Million Carbonfact Raises $15 Million for Emissions Reporting Solution for Fashion Industry U.S. Million Carbonfact Raises $15 Million for Emissions Reporting Solution for Fashion Industry U.S.
The European supervisory authorities (ESAs) and EU national competent authorities (NCAs) will need to build out their in-house resources and skill sets to effectively identify and handle instances of greenwashing by financial institutions, but greater guidance is recommended by observers rather than new waves of regulation.
Check back here as we roll out our Plant Power package this week, along with the release of the 2024 Spring issue of Corporate Knights. A dria Vasil is the managing editor of Corporate Knights. Jessica Scott-Reid writes about animal welfare an d plant-based food.
The global investment community is walking a “tightrope” between greenwashing and green blushing as it strives to stay abreast of regulatory developments that continuously ramp up accountability on sustainable investing, industry sources have sad.
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