Three European Supervisory Authorities have published a call for evidence on greenwashing to gather input from stakeholders on the topic.
The authorities – EBA, EIOPA and ESMA – hope to gain input from stakeholders on how to understand the key features, drivers and risks associated with greenwashing and collect examples of potential greenwashing practices.
The call is also motivated by the need to better understand which areas may become more prone to greenwashing risks. It also seeks input on potential greenwashing practices relevant to various segments of the sustainable investment value chain and of the financial product lifecycle.
EBA said, “Obtaining a more granular understanding of greenwashing will help inform policy making and supervision and will help foster the reliability of sustainability-related claims. In the context of this call, the term “greenwashing” is broadly used, recognising that sustainability-related claims can be linked to all aspects of the ESG spectrum.”
The EBA said all interested parties are welcome to contribute to the survey, including financial institutions under the remit of the three ESAs and other stakeholders ranging from retail investors and consumers’ associations to NGOs and academia. Contributions should focus on greenwashing risks and occurrences arising in the financial sector and affecting financial products or services, which are under the scope of the ESAs.
Respondents are invited to submit their responses by 10 January 2023. Contributions will feed into the ESAs’ findings for their progress reports due in May 2023, and final reports due in May 2024.
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