Banks behind 70% jump in greenwashing incidents in 2023 -report
LONDON -The number of instances of greenwashing by banks and financial services companies around the world rose 70% in the past 12 months from the previous 12 months, a report on Tuesday showed.
Greenwashing involves an organisation making misleading sustainability-related claims to investors or consumers, usually to boost its reputation and bottom line. It looks for such communication by analysing public sources of information and stakeholders, rather than the information companies have published. For example, research findings revealing that a company has overstated the impact of an initiative would be tallied as a case of greenwashing.
Banks play a key role financing companies' decarbonisation efforts, including in high-emission industries, the EBF said. The"concept of transition finance is not well-defined, and this lack of clarity can lead to unsubstantiated greenwashing accusations," a spokesperson added in an emailed statement.
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