The European Supervision Authorities (ESAs) published a Call for Evidence (CfE) on Greenwashing on 15 November 2022. The aim is to gain a sound understanding of the definition and possible types of greenwashing, including examples from practice. For a detailed account of the contents of the CfE, see our news article of 28 November 2022.
TSI’s feedback to the Call for Evidence
We as TSI have coordinated the Call for Evidence with our German stakeholders and presented our view in a statement to the EBA. According to this, there are no specific greenwashing risks in the area of securitisation, especially because securitisation is always a downstream process and only already existing assets are transferred. In our view, greenwashing should therefore rather be understood as a holistic issue in bank management.
Furthermore, we have offered our cooperation to the EBA, in case there are subsequent securitisation-specific questions or issues. In this context, the results of the discussions in the European trilogue are also decisive as to whether the use-of-proceeds approach will be considered for securitisations under the European Green Bond Standard in future (more information on this can be found here).
Next steps
The period for participation in the CfE ended on 16 January. The evaluation of the very extensive questionnaires will certainly take some time.