The European Union's markets watchdog said on Friday it will start working on a legal definition of 'greenwashing' to underpin enforcement action as trillions of euros flow into funds that are advertised as climate-friendly.
European Union flags flutter outside the European Commission headquarters in Brussels, Belgium August 21, 2020. REUTERS/Yves HermanLONDON, Feb 11 - The European Union's markets watchdog said on Friday it will start working on a legal definition of "greenwashing" to underpin enforcement action as trillions of euros flow into funds that are advertised as climate-friendly.
Few if any investment firms have been punished for "greenwashing", or over-inflating their ESG credentials, as there are no hard rules on what it means.The European Securities and Markets Authority said that in an ideal scenario it would be tackling greenwashing based on a complete set of rules that set boundaries on market behaviour and practices that are not allowed.
Defining the "greenwashing phenomenon" can drive supervisory work by regulators in a coordinated and efficient manner, ESMA said. The EU is rolling out new ESG disclosure requirements for companies and asset managers, and a "taxonomy" or list of what can be considered "green" investments.
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