Home - Standpunten en publicaties - CONSULTATIE | Clear greenwashing definitions crucial: regulatory uncertainty should not be confused for greenwashing
12 januari 2023

CONSULTATIE | Clear greenwashing definitions crucial: regulatory uncertainty should not be confused for greenwashing

The European Supervisory Authorities (ESAs) published their Call for Evidence on Greenwashing on 15 November 2022. On 10 January DUFAS responded to this call of evidence. We share the greenwashing concerns of the ESAs and consider it crucial to provide clear definitions and guidance on greenwashing and to take harmonized supervisory actions to address those risks.

View our response

Greenwashing as misleading others using factually incorrect sustainability claims

We believe greenwashing within the financial sector consists of two components: (i) knowingly misrepresenting sustainability-related practices or features of a product and/or using information, that also may be factually incorrect or omitting certain relevant information (ii) with the objective or intention to use this to mislead or induce the receiver of the sustainability claim. However, in the absence of intent there may still be greenwashing in case of gross negligence by the financial market participants making the claim.

Responding to regulatory uncertainty should not be confused with instances of greenwashing

Multiple key aspects and legal concepts in the EU sustainable finance regulatory framework have regulatory uncertainty. Greenwashing claims done by financial market participants in good faith may be based on legal interpretations that become invalid after additional legal clarification. Adjustments to incorporate new interpretations should not be considered instances of greenwashing if there was no intention to mislead consumers and investors.

Role of entities setting sustainability criteria should not be forgotten

Policymakers, regulators, standard setters, criteria developers and possibly also accountants and auditors also have important roles to play. Regulators in particular should set rules that are as simple as possible, unambiguous and based on full transparency. When regulatory requirements are unclear, further guidance is desirable, but diverging interpretations at the national level should be avoided.

More information

Would you like to respond, or should you have any questions? We would be pleased to hear from you. Please feel welcome to e-mail Ivan aan den Toorn, DUFAS policy advisor sustainability.

Misschien vind je dit ook interessant

DUFAS vraagt meer duidelijkheid over reikwijdte van CSRD-implementatiewet

Standpunten en publicaties | 15 september 2023
Afgelopen juli publiceerden de ministeries van Financiën en van Justitie en Veiligheid een openbare consultatie over de Wet implementatie richtlijn duurzaamheidsrapportering. Met deze implementatiewet wordt een deel van de nieuwe richtlijn omgezet in nationale wet- regelgeving.

CONSULTATIE | DUFAS response on ESG ratings and factors

Standpunten en publicaties | 15 september 2023
Last June, the European Commission published a consultation on a proposal for a regulation on Environmental, Social and Governance (ESG) ratings and sustainability risks in credit ratings.

CONSULTATIE | Proportionaliteit ontbreekt in eerste DORA level 2-documenten

Standpunten en publicaties | 14 september 2023
Op 11 september reageerden we op een European Supervisory Authorities-consultatie over de eerste reeks beleidsproducten onder de Digital Operational Resilience Act (DORA).

Zoeken in Nieuws, standpunten en publicaties