Britain has set up a group of experts to help it classify climate-friendly assets and stop 'greenwashing' of investments that don't live up to their sustainable credentials.
Pedestrians walk past the Green Vic, which is aiming to be the world's most ethical pub, in Shoreditch, London, Britain July 5, 2019. REUTERS/Simon DawsonBritain has set up a group of experts to help it classify climate-friendly assets and stop "greenwashing" of investments that don't live up to their sustainable credentials.
Self-labelled green investments, however, have raised concerns among regulators that investors don't have independent information to guide them. The group, made of representatives from academia, business and finance will provide non-binding advice to the government on developing and implementing a green taxonomy in Britain.
"A UK green taxonomy will provide better data on the environmental impact of firms, supporting investors, businesses and consumers to make green financial decisions and accelerating the transition to net zero," Britain's financial services minister John Glen said in a statement.
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