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Deutsche Bank AG's investment arm, DWS Group, has extended the contract of CEO Stefan Hoops for three years until 2028. Hoops took over in 2022 after his predecessor resigned following a police raid on DWS's headquarters over allegations of greenwashing. Hoops has been credited with calming down DWS and positioning the company for the future in a challenging environment, according to a memo seen by Bloomberg. [Extracted from the article]

The Canadian Competition Bureau is seeking public feedback on a new law, Bill C-59, that aims to crack down on "greenwashing" - the practice of making false or exaggerated environmental claims. The law requires companies to substantiate their environmental performance claims with internationally recognized methodology, and failure to do so could result in fines or legal action. The vague amendment has caused concern in Alberta's oil industry, leading some groups to remove their environmental claims. The Competition Bureau's consultation aims to provide transparency and guidance on the implementation of the provisions. [Extracted from the article]

An industry group called Pathways Alliance, which represents major Canadian companies with oil-sands operations, has removed its online materials following the passing of a law by Prime Minister Justin Trudeau's government that could impose fines for "greenwashing." The law, known as Bill C-59, aims to address deceptive marketing practices related to environmental performance claims. The law has been criticized by oil companies and Alberta's government, who argue that the requirement for claims to be backed up by "internationally recognized methodology" is vague. Climate advocacy groups have welcomed the legislation, stating that it will address the lack of proof behind greenwashing claims. [Extracted from the article]

An industry group called Pathways Alliance, which represents major Canadian companies with oil sands operations, has removed all its online materials after the Canadian government passed a law that could impose fines for "greenwashing." The law, known as Bill C-59, amends Canada's competition act to address deceptive marketing practices related to environmental performance claims. The law has been welcomed by climate advocacy groups, but criticized by oil companies and Alberta's government. Pathways Alliance plans to invest in a carbon capture and storage system to reduce emissions and become a net-zero emitter by 2050. [Extracted from the article]

An industry group called Pathways Alliance, which promotes the environmental efforts of Canada's oil sands sector, has removed all of its online materials after the Canadian government passed a law that could impose significant fines for "greenwashing." The law, known as Bill C-59, creates an addition to Canada's competition act that addresses deceptive marketing practices related to environmental performance claims. The law has been criticized by oil companies and Alberta's government for its vague language regarding "internationally recognized methodology." Pathways Alliance includes major oil sands producers and plans to invest in carbon capture and storage to reduce emissions. [Extracted from the article]

Switzerland's finance sector has been given the authority to regulate itself in order to combat the mis-selling of sustainability-themed investment products. The government has approved a self-regulation framework proposed by banks, insurers, and other finance firms, which will come into effect by the beginning of 2027. The framework includes defining investment objectives, outlining sustainability approaches, and auditing by a third party. However, there are still questions about the allowable reference framework and compliance with European Union law, which will be evaluated when the EU reviews its Sustainable Finance Disclosure Regulation. [Extracted from the article]

The article discusses the push by the administration of U.S. President Joe Biden for more transparency and responsibility in the carbon markets as of June 2024. Topics include the carbon credits interest of companies due to potential business rewards in reducing greenhouse-gas emissions, the need to fix the Scope 3 emissions generated by suppliers and customers to make the demand side of the market to function and the greenwashing issue that fuels public skepticism on private-sector leadership.

The Australian Securities and Investments Commission (ASIC) has won a case against pension fund Active Super, accusing them of making misleading statements about their environmental, social, and governance (ESG) credentials. The Federal Court found that Active Super had misrepresented its coal and gambling investment screens. This follows a global trend of regulators cracking down on companies for making false claims. The court will determine penalties and costs at a later date. Active Super has cooperated with the investigation and supports increased scrutiny on ESG disclosure standards. [Extracted from the article]

The European Securities and Markets Authority (ESMA) has raised concerns about greenwashing in the fund industry in Europe. ESMA found that many asset managers were promoting their environmental, social, and governance (ESG) credentials without providing evidence to support their claims. The regulator's review of over 200 banks and asset managers over a two-year period revealed that marketing communication for ESG products and services was often generic and lacked documentation. ESMA warned that these practices could mislead potential investors into thinking that certain products or brands were ESG-oriented when they were not. [Extracted from the article]

The US is set to introduce stricter standards for carbon markets to prevent greenwashing and ensure that carbon credits represent real emission reductions. The State Department will require carbon credits to demonstrate additional and permanent emission reductions that would not have occurred otherwise. The standards will also address concerns about carbon leakage and companies using credits to avoid reducing their own emissions. This move aligns with similar efforts by the UK and EU and aims to provide confidence for investors while driving private sector finance towards renewable energy and emission-cutting projects in developing nations. [Extracted from the article]

Dutch airline KLM has been found guilty of misleading customers through advertisements that falsely suggested its flights are climate friendly, according to a ruling by an Amsterdam court. The court stated that KLM's climate claims were based on vague and general statements, and that the airline did not provide honest and concrete information to travelers. This case is one of the first major lawsuits against an airline for greenwashing, which refers to marketing that falsely portrays a brand as environmentally friendly. KLM's CEO denies the allegations of greenwashing. [Extracted from the article]

Europe's largest pork producer, Danish Crown A/S, has been found guilty of misleading consumers by advertising its meat as "climate-controlled" in Denmark's first greenwashing verdict. Nonprofit organizations accused Danish Crown of misrepresenting its climate impact in a 2020 marketing campaign, giving the false impression that eating pork is good for the climate. The court ruled that Danish Crown breached marketing laws and ordered the company to pay a fine of 300,000 kroner ($44,000). This ruling is expected to set a precedent for greenwashing cases globally and may encourage similar lawsuits in other countries. [Extracted from the article]

The article reports on the work of data scientist Andy Moniz regarding greenwashing and investing. It mentions Moniz's use of techniques such as natural language processing to determine companies' sustainability policies, the use of such data in sustainable investing, and how vagueness in corporate communications can be detected.

Barclays Plc has established a new transition finance team to help clients reduce their carbon footprint, making it one of the first major banks to define "transition finance." The term "transition" is currently being applied to a range of assets, from solar panels to coal plants, as long as they contribute to a greener world. However, the lack of a regulatory definition raises concerns about potential accusations of greenwashing. Barclays is pressuring energy clients to adopt transition strategies and decarbonization requirements, but climate activists argue that the bank has not done enough to address the urgent issue of halting oil and gas expansion. Barclays has pledged $1 trillion of sustainable and transition finance by 2030. [Extracted from the article]

Barclays Plc has created a new transition finance team to help clients reduce their carbon footprint. The team will arrange financial products and deals, but there is currently no explicit definition of "transition finance." Barclays is setting parameters for the team to avoid accusations of greenwashing, as the term "transition" is currently being applied to a wide range of assets. The bank is also pressuring energy clients to adopt transition strategies and decarbonization requirements. However, climate activists remain skeptical and argue that Barclays needs to do more to address the urgent issue of halting oil and gas expansion. [Extracted from the article]

The European Securities and Markets Authority (ESMA) has suggested that new regulations may be implemented for European banks, investors, and companies involved in the carbon offsets market due to concerns about greenwashing and increased interest in the sector. While there are already rules in place for the EU Emissions Trading System, which is a compliance carbon market, regulators may now turn their attention to the voluntary carbon market. The decision to regulate the voluntary carbon market lies with the European Parliament and Commission, with ESMA responsible for developing appropriate rules and regulations. The voluntary carbon market has faced scrutiny in recent years for exaggerated green claims, and efforts are being made to repair its reputation. [Extracted from the article]

The UK's antitrust regulator, the Competition and Markets Authority (CMA), has announced that it will investigate the "green" claims made by Unilever in the UK to ensure that consumers are not being misled. The CMA has raised concerns that Unilever may have been overstating the environmental friendliness of certain products through the use of vague claims, unclear statements, and misleading images. This investigation is part of a broader examination into "greenwashing" by consumer goods companies. The CMA has contacted Unilever and will communicate its concerns in writing. [Extracted from the article]

The UK's antitrust regulator, the Competition and Markets Authority (CMA), is investigating the British arm of Unilever Plc for potentially misleading consumers with "green" claims. The CMA is concerned that Unilever may have overstated the environmental qualities of certain products through vague claims, unclear statements, and natural-looking images and logos. This investigation is part of a broader crackdown on greenwashing in the UK and the European Union. Possible outcomes of the probe could include changes to Unilever's operations or legal action. Unilever has expressed disappointment with the investigation and maintains that it provides responsible and transparent information about its products. [Extracted from the article]

The UK Advertising Standards Authority (ASA) has instructed Air France-KLM, Deutsche Lufthansa AG, and Etihad to cease running advertisements that make unsubstantiated claims about their environmental impact. The ASA found that the airlines' Google ads were misleading and did not provide sufficient evidence to support their claims. The aviation industry is facing pressure to reduce carbon emissions, but the current options for achieving this, such as sustainable aviation fuels and carbon offsets, are limited. The ASA ruling prohibits the airlines from using the disputed advertisements again, and failure to comply could result in search engines and social media platforms removing the ads and publicizing the violation. [Extracted from the article]

Many of the world's largest banks have published reports on the significant amounts of money they claim to be investing in environmental and social activities. However, senior industry insiders are now questioning the credibility of these statements. The differences in accounting methods used by banks to define what is considered sustainable are vast, ranging from how they treat mergers and acquisitions to how they calculate revenue from various activities. The lack of a consistent methodology raises concerns about greenwashing and the need for standardized frameworks in the industry. [Extracted from the article]

Many major banks have published reports on the large amounts of money they claim to be investing in environmental and social activities. However, senior industry insiders are now questioning the accuracy and consistency of these statements. Differences in accounting practices among banks make it difficult for investors to understand how banks define sustainability. The absence of regulations in this area has allowed banks to set their own parameters for what qualifies as sustainable or climate-transition investments. This lack of consistency raises concerns about greenwashing and the credibility of the market. [Extracted from the article]

The global market for ESG (environmental, social, and governance) investing has declined due to a decrease in the US market, according to the Global Sustainable Investment Alliance (GSIA). The 2022 review shows that sustainable assets worldwide decreased from $35.3 trillion in 2020 to $30.3 trillion. In the US, investments in sustainable assets dropped from over $17 trillion to $8.4 trillion, largely due to a change in calculation methodology. However, ESG-related assets are still growing in Canada, Europe, Japan, Australia, and New Zealand. The industry is maturing and focusing on avoiding greenwashing and defining sustainability more rigorously. [Extracted from the article]

The UK's financial watchdog, the Financial Conduct Authority (FCA), has introduced new rules to protect retail investors from misleading claims related to environmental, social, and governance (ESG) investing. The measures include an anti-greenwashing rule, product labels to help investors understand a fund's specific goals, and marketing requirements to prevent false sustainability claims. The FCA aims to establish a clear and understandable regime for investors to assess whether funds meet their investment needs. The new rules will come into effect in May and July of next year, and around 630 UK-based funds will be affected. [Extracted from the article]

An Austrian consumer-protection association filed the suit against the Lufthansa AG's subsidiary earlier this year over advertisements featuring sustainable aviation fuel. (Bloomberg) -- Austrian Airlines AG was found guilty of misleading climate-conscious travelers by suggesting its flights were sustainable, even though they were largely powered by fossil fuels. [Extracted from the article]

(Bloomberg) -- In 2021, a series of HSBC advertisements started appearing on bus stops around the UK. The US Federal Trade Commission (FTC) is currently updating its guidelines on sustainable claims, and last year fined Kohl's and Walmart for marketing rayon fabric as bamboo. The group complained about the HSBC campaign to the Advertising Standards Authority (ASA), a UK industry regulator. [Extracted from the article]

Even the color of a product can be misleading: Peppering ads or packaging with images of green plants can give the false impression that something is a nature-friendly choice. (Bloomberg) -- Greenwashing is a way for companies to piggyback on everyone's concerns about climate change - and it's everywhere. Other examples, such as an HSBC Holdings Plc ad banned in the UK for touting the bank's green financing without mentioning its funding of fossil fuels, are even less overt. [Extracted from the article]

(Bloomberg) -- Greenwashing is a way for companies to piggyback on everyone's concerns about climate change - and it's everywhere. Even the color of a product can be misleading: Peppering ads or packaging with images of green plants can give the false impression that something is a nature-friendly choice. Other examples, such as an HSBC Holdings Plc ad banned in the UK for touting the bank's green financing without mentioning its funding of fossil fuels, are even less overt. [Extracted from the article]

The group complained about the HSBC campaign to the Advertising Standards Authority (ASA), a UK industry regulator. (Bloomberg) -- In 2021, a series of HSBC advertisements started appearing on bus stops around the UK. [Extracted from the article]

Terms of the offset purchase contract will determine whether a company that buys junk credits gets any compensation from the offset provider, according to Kontoleon. The forest-protection projects, known as REDD+, generate carbon credits that represent the carbon that will no longer be released through deforestation. [Extracted from the article]

The forest-protection projects, known as REDD+, generate carbon credits that represent the carbon that will no longer be released through deforestation. Terms of the offset purchase contract will determine whether a company that buys junk credits gets any compensation from the offset provider, according to Kontoleon. [Extracted from the article]

(Bloomberg) -- Australia's corporate watchdog is suing a second pension fund over greenwashing, accusing Active Super of misleading customers about barring investments on ethical grounds. In February, ASIC launched its first court action against a pension fund, Mercer Superannuation Australia Ltd., accusing it of misleading investors in the marketing of some sustainable products. [Extracted from the article]

(Bloomberg) -- The disclosures that companies make about their green credentials will be evaluated by new global audit standards that are expected to be finalized by the end of next year. The International Auditing and Assurance Standards Board (IAASB) set out its sustainability assurance proposals on Wednesday, with a consultation closing Dec. 1. [Extracted from the article]

Such terms are vague and risk misleading consumers, according to draft guidance for firms released by the Australian Competition and Consumer Commission Friday. (Bloomberg) -- Australia's consumer watchdog has warned companies that using words like "green" and "sustainable" when describing their environmental strategies could be unlawful. [Extracted from the article]

Legal Backlash Carbon neutrality claims can play well with consumers as they can assume it means fewer greenhouse gas emissions. (Bloomberg) -- Nestle SA has abandoned pledges to make major brands including KitKat and Perrier carbon neutral, joining a nascent corporate pushback against programs that let polluters compensate for their own greenhouse gas emissions by investing in efforts to reduce them elsewhere. [Extracted from the article]

Uganda Project Pouyanné said TotalEnergies misjudged the controversy around a Ugandan oil project that French banks have declined to finance, which has left the field largely to "Middle Eastern and Chinese banks." (Bloomberg) -- TotalEnergies SE is facing "unfair" accusations of greenwashing and "radical positions amplified by social networks", Chief Executive Officer Patrick Pouyanné said in an interview published Sunday. [Extracted from the article]

"Delta's representations of carbon neutrality are provably false and misleading", reads the lawsuit filed on May 30 on behalf of any California resident who has flown on Delta since March 2020. Now that pledge is the focal point of a class-action lawsuit arguing that Delta's carbon-neutrality claims amount to little more than greenwashing. [Extracted from the article]

Although KLM has discontinued its Fly Responsibly ad campaign "it has not made any commitments regarding its future advertising, nor has it addressed the carbon offset marketing that is also targeted by the lawsuit", the groups said. (Bloomberg) -- KLM will need to defend its ad campaign promoting climate-friendly flying in court over greenwashing allegations after an Amsterdam judge paved the way for a full trial. [Extracted from the article]

The ASA ruled in March that the ad could not run in the UK because there are "currently no environmental initiatives or commercially viable technologies in the aviation industry which would substantiate the absolute green claim" that Lufthansa is protecting the world's future. (Bloomberg) -- The UK's advertising regulator has made more than 20 enforcement actions against greenwashing. [Extracted from the article]

Regulators globally are sharpening their focus on companies making claims about investments sold with environmental, social and governance credentials, particularly with investors relying on the pledges to meet net zero targets. (Bloomberg) -- Australia's corporate watchdog has investigated more than 100 companies under a drive to flush out greenwashing in the managed funds sector, and warned it plans to step up scrutiny of the issue. [Extracted from the article]

(Bloomberg) -- European utilities are pushing to build power plants that would burn natural gas now and then be switched to burn clean hydrogen down the road. Places like the US, which has abundant natural gas, could use carbon capture to create low-carbon hydrogen or just burn gas directly, but Europe doesn't have that option. [Extracted from the article]

(Bloomberg) -- Green metals are becoming a major focus for the bosses of the world's top miners after visits to their biggest customers in China. Two of China's top oil and gas firms posted record profits on 2022's energy crisis-fueled price surge, and forecast a rebounding domestic economy can help cushion the impact of slower global growth. [Extracted from the article]

As the same products were also offered to New Zealand investors, the firm was required to formally notify the country's Financial Markets Authority within five working days, according to a statement from the regulator Wednesday. "Vanguard Australia regrets our oversight in failing to comply with our notification obligations to the Financial Markets Authority", a Melbourne-based spokesperson for Vanguard said in an emailed statement. [Extracted from the article]

"Vanguard Australia regrets our oversight in failing to comply with our notification obligations to the Financial Markets Authority", a Melbourne-based spokesperson for Vanguard said in an emailed statement. US asset manager Vanguard was fined in Australia late last year for including firms involved in tobacco sales in funds that claimed to bar such investments. [Extracted from the article]

"Over the past five years we've seen an increase in greenwashing", EU Environment Minister Virginijus Sinkevicius said in an interview before the proposal. (Bloomberg) -- The European Union is cracking down on greenwashing everywhere from the supermarket to the skies. [Extracted from the article]

"Over the past five years we've seen an increase in greenwashing", EU Environment Minister Virginijus Sinkevicius said in an interview before the proposal. (Bloomberg) -- The European Union is cracking down on greenwashing everywhere from the supermarket to the skies. [Extracted from the article]

The company says its feedstock can help cut cow emissions by 80%, but Changing Markets points out that this claim is based on a three-month pilot project of feeding cows this product. (Bloomberg) -- On March 22, the European Commission is expected to publish new measures designed to crack down on greenwashing in product labels and advertisements. One of the qualifying certifications for Amazon's Climate Pledge products is "Compact by Design", which zeroes in on products that require less packaging and are more efficient to ship. [Extracted from the article]

(Bloomberg) -- A looming landmark court case in Australia is sending a strong message to some of the country's biggest investors about backing up climate claims: get your house in order. That's despite Mercer stating the products excluded firms involved in the extraction or sale of carbon-intensive fossil fuels, ASIC claims. [Extracted from the article]

The company says its feedstock can help cut cow emissions by 80%, but Changing Markets points out that this claim is based on a three-month pilot project of feeding cows this product. (Bloomberg) -- On March 22, the European Commission is expected to publish new measures designed to crack down on greenwashing in product labels and advertisements. One of the qualifying certifications for Amazon's Climate Pledge products is "Compact by Design", which zeroes in on products that require less packaging and are more efficient to ship. [Extracted from the article]