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They point to Verra’s carbon credit program which came under scrutiny this year for lack of verifiability and for serving as an excuse for companies not to reduce their carbon footprint. rePurpose says it “collects chain-of-custody documentation from all stakeholders involved in the supply chain.
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.
The European Union, China, the United Kingdom and about 20 other countries are developing such taxonomies as a way of discouraging greenwashing and channelling investment to the climate transition. This might include well-documented plans for mothballing facilities and timelines for staff retirements or reassignments.
DESCRIPTION: Thanks to everything from historic climate policies to being a topic of interest on late night television, the recent focus on carbonoffsets — and the Voluntary Carbon Market as a whole — has never been stronger. Cool Effect vets project financials to ensure that it’s clear how all funds are being used.
In 2022, the voice against “greenwashing” practices was clear and loud. Figure 2: Word Greenwashing rated 100 in popularity in 2022 – source Google Trends. Countries and companies have taken responsibility for climate change and raised their carbon emissions reduction ambition. 2022 Sustainability Summary.
Dr Torsten Schwarze, Partner at Morgan Lewis, explains how two EU directives will shape Europe’s legal framework to restrict greenwashing. ESG compliance is becoming increasingly important for companies, and the development of technologies and products to help reduce their carbon footprint has become a priority for many.
The policy won’t affect money that has already gone out the door or commitments that have already been signed, there is no published calculation of the future subsidies that will now be foregone, and the documents provide no cost figures for 129 non-tax measures that could be shifted as a result of this week's announcement.
And there are wider issues around the VCMs already in operation, such as credit pricing, third-party verification and reducing the risk of greenwashing. . While the ETA will offer a “fixed price” for corporates, there are concerns that too low a price could reduce the quality of the credits and expose the market to greenwashing risk. .
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