2023-05-22-安永-How_good_governance_can_keep_corporates_clean_from_greenwashing_13页_11mb

报告摘要

Greenwashing Analysis Report Summary

Key Findings

Definition: Greenwashing involves misleading companies presenting themselves as environmentally friendly while potentially harming the environment.
Incentives: Driven by consumer attraction, investor valuation premiums, and employee recruitment.

Why It Persists & Why It Must Stop

Legal Loopholes: Not always illegal.
Regulatory Hurdles: Issues like data gaps, lack of standards, and continued misleading statements harm transition to a green economy.

Six Shades of Greenwashing

1. Greencrowding

Collaborative greenwashing among groups to avoid scrutiny.
Example: Alliance to End Plastic Waste (AEPW) has minimal recycling impact and lacks transparency.

2. Greenlighting

Highlighting minor green initiatives while ignoring harmful activities.
Example: TotalEnergies rebranding while continuing fossil fuel production. HSBC ads misleading on climate commitments.

3. Greenshifting

Blaming consumers for environmental issues instead of corporations.
Example: Shell’s refusal to disclose climate knowledge and ExxonMobil’s language game.

4. Greenlabelling

Misleading claims about products’ sustainability.
Example: SC Johnson’s “ocean plastic” classification, KLM’s carbon offset program.

5. Greenrinsing

Frequently changing ESG targets without achieving goals.
Coca-Cola and PepsiCo set unattainable recycling targets.

6. Greenhushing

Underreporting sustainability achievements to evade scrutiny.
Investment fund downgrades due to lack of transparency.

Global Regulatory Response

Europe: EU directives like the Unfair Commercial Practices Directive, ESG taxonomy, and Green Claims Code.
United States: SEC climate task force targeting non-compliant ESG disclosures. FTC targeting misleading claims.
Asia-Pacific: Australia, Japan, and Singapore enforcing greenwashing regulations.
Developing Markets: China and Malaysia implementing green standards.

Conclusion

Greenwashing remains prevalent despite global regulatory attention, leveraging sophisticated tactics to mislead investors and consumers. A multi-pronged regulatory approach is crucial to curb these practices and support a genuine transition toward sustainable finance.

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