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HomeBanking and financeEuropean Regulators Launch Joint Consultation On Greenwashing - Financial Services

European Regulators Launch Joint Consultation On Greenwashing – Financial Services

European Regulators Launch Joint Session On Greenwashing – Monetary Providers

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On November 15, three European supervisory authorities
(“ESA”s) — the European Banking Authority
(“EBA”), the European Insurance coverage and Occupational Pensions
Authority (“EIOPA”) and the European Securities and
Markets Authority (“ESMA”) — introduced a Name for Proof on greenwashing. The ESAs
are in search of suggestions on “potential greenwashing practices in
the entire EU monetary sector, together with banking, insurance coverage and
monetary markets, and which can be related to varied segments of
the sustainable funding worth chain and of the monetary product
lifecycle.” The Name for Proof defines greenwashing
“broadly” to incorporate “sustainability-related claims
regarding all features of the ESG spectrum.”

Within the session, the ESAs are requesting:

  • views on perceive greenwashing and the primary drivers
    behind it;

  • examples of potential greenwashing throughout the EU monetary
    sector; and

  • knowledge to help the ESAs in gaining a “concrete sense of
    the size of greenwashing and establish areas of excessive greenwashing

The ESAs requested that each one events,
“together with monetary establishments beneath the remit of the three
ESAs and different stakeholders starting from retail traders and
shoppers’ associations to NGOs and academia,” submit
their responses by Tuesday, January 10, 2023. The ESAs anticipate
issuing a progress report in Might 2023 and a last report in Might

Taking the Temperature: Regulators and corporations
proceed to wrestle to outline what constitutes greenwashing. Simply
this week, as we reported, the UN Excessive-Degree Knowledgeable Group on
the Internet Zero Emissions Commitments of Non-State Entities revealed
a report that, in our view, proposed an aggressively broad
greenwashing definition that may sweep up conduct that ordinarily
wouldn’t be thought of within the greenwashing calculus. As one other
instance, in Might 2022, ESMA issued a supervisory briefing addressing
sustainability disclosures within the funding administration trade.
By issuing a Name for Proof, these regulators seem to
acknowledge the necessity for enter from trade in gentle of the
vital impression regulatory articulations of greenwashing will
have on market contributors.

(This text initially appeared in “Cadwalader Climate,” a twice-weekly
e-newsletter on the ESG market.)

The content material of this text is meant to offer a common
information to the subject material. Specialist recommendation must be sought
about your particular circumstances.

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