Legal & Regulatory News

European Supervisory Authorities call for evidence on greenwashing

On 15 November 2022, the European Supervisory Authorities (ESAs) – the European Banking Authority, the European Insurance and Occupational Pensions Authority and the European Securities and Markets Authority – issued a joint call for evidence on potential greenwashing practices in the EU financial sector.

The EBA has expressed an interest in collecting evidence pertaining to the following areas:-

• views from various stakeholders on how to understand greenwashing and what the main drivers of greenwashing might be;
• examples of potential greenwashing practices across the EU financial sector relevant to various parts of the sustainable investment value chain and the product lifecycle; and
• any available data to help the ESAs gain a concrete sense of the scale of greenwashing and identify areas of high greenwashing risks.

This consultation is intended to aid the ESAs in providing the European Commission with input on greenwashing risks and occurrences in the EU financial sector, the supervisory action taken and the challenges faced to address those risks. A progress report on this issue is expected to be released in May 2023.

The deadline for providing evidence is 10 January 2023.

Click here to view the Call for Evidence