{"id":6299,"date":"2023-06-12T18:30:18","date_gmt":"2023-06-12T16:30:18","guid":{"rendered":"https:\/\/update.tsi-kompakt.de\/2023\/06\/greenwashing-in-the-financial-sector-esas-publish-progress-reports\/"},"modified":"2024-01-25T10:21:57","modified_gmt":"2024-01-25T09:21:57","slug":"greenwashing-in-the-financial-sector-esas-publish-progress-reports","status":"publish","type":"post","link":"https:\/\/www.tsi-kompakt.de\/en\/2023\/06\/greenwashing-in-the-financial-sector-esas-publish-progress-reports\/","title":{"rendered":"Greenwashing in the financial sector &#8211; ESAs publish progress reports"},"content":{"rendered":"<p>On June 1, the ESAs (EBA, EIOPA and ESMA) presented their common understanding of greenwashing in the financial sector. The progress reports are an initial response to the European Commission&#8217;s request to the three ESAs for input on greenwashing risks related to Sustainable Finance. The ESAs&#8217; shared understanding of greenwashing is based on input received during their November 2022 call for specific greenwashing practices(see <a class=\"tsi-link-text\" href=\"https:\/\/www.tsi-kompakt.de\/en\/2022\/11\/esas-issue-call-for-evidence-on-greenwashing\/\">TSI kompakt of 28 Nov 2022<\/a>).<\/p>\n<h4>Key contents of the progress reports<\/h4>\n<ul>\n<li>The ESAs understand greenwashing in the financial sector to be a practice whereby sustainability-related statements, declarations, actions or communications do not clearly and adequately reflect the underlying sustainability profile of a company, financial product or services.<\/li>\n<li>Greenwashing, he said, could undermine consumer and investor protection, market integrity, and thus the channeling of financial flows into financing sustainable transformation.<\/li>\n<li>An appropriate measure from the perspective of the ESAs is therefore the further development of previous ESG transparency requirements into a consistent, comprehensive and trustworthy <em>ESG disclosure framework<\/em>.<\/li>\n<li>In this context, the ESAs also highlight the final Draft RTS on sustainability factors for STS securitizations(see <a class=\"tsi-link-text\" href=\"https:\/\/www.tsi-kompakt.de\/en\/2023\/06\/esas-publishes-final-draft-rts-for-esg-disclosures-for-sts-securitisations\/\">TSI kompakt of 1 June 2023)<\/a>.<\/li>\n<\/ul>\n<h4>Next steps<\/h4>\n<p>The ESAs plan to publish their respective final reports in May 2024. These will result in final recommendations on possible changes to the EU regulatory framework for an effective <em>ESG disclosure framework<\/em>.<\/p>\n<ul>\n<li><a href=\"https:\/\/www.esma.europa.eu\/press-news\/esma-news\/esas-put-forward-common-understanding-greenwashing-and-warn-risks\">Progress reports of the ESAs<\/a> (ESMA website)<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>On June 1, the ESAs (EBA, EIOPA and ESMA) presented their common understanding of greenwashing in the financial sector. The progress reports are an initial response to the European Commission&#8217;s request to the three ESAs for input on greenwashing risks related to Sustainable Finance. [&#8230;]<\/p>\n","protected":false},"author":18,"featured_media":6247,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","footnotes":""},"categories":[847],"tags":[667,666,664,665],"class_list":["post-6299","post","type-post","status-publish","format-standard","has-post-thumbnail","category-regulatory-update-en-2","tag-esas-en","tag-greenwashing-en","tag-sts-securitizations","tag-sustainability","entry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.2 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Greenwashing in the financial sector - ESAs publish progress reports - TSI kompakt<\/title>\n<meta name=\"description\" content=\"On June 1, the ESAs presented their shared understanding of greenwashing in the financial sector in their progress report.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.tsi-kompakt.de\/en\/2023\/06\/greenwashing-in-the-financial-sector-esas-publish-progress-reports\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Greenwashing in the financial sector - ESAs publish progress reports - TSI kompakt\" \/>\n<meta property=\"og:description\" content=\"On June 1, the ESAs presented their shared understanding of greenwashing in the financial sector in their progress report.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.tsi-kompakt.de\/en\/2023\/06\/greenwashing-in-the-financial-sector-esas-publish-progress-reports\/\" \/>\n<meta property=\"og:site_name\" content=\"TSI kompakt\" \/>\n<meta property=\"article:published_time\" content=\"2023-06-12T16:30:18+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-01-25T09:21:57+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.tsi-kompakt.de\/wp-content\/uploads\/2022\/03\/iStock-1003433150_nachhaltiges-Verbriefungsrahmenwerk.png\" \/>\n\t<meta property=\"og:image:width\" content=\"1441\" \/>\n\t<meta property=\"og:image:height\" content=\"727\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"Monika Beye\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Monika Beye\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.tsi-kompakt.de\\\/en\\\/2023\\\/06\\\/greenwashing-in-the-financial-sector-esas-publish-progress-reports\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.tsi-kompakt.de\\\/en\\\/2023\\\/06\\\/greenwashing-in-the-financial-sector-esas-publish-progress-reports\\\/\"},\"author\":{\"name\":\"Monika Beye\",\"@id\":\"https:\\\/\\\/www.tsi-kompakt.de\\\/#\\\/schema\\\/person\\\/e8fa3fba4a0fddd032e80e515eb30cbe\"},\"headline\":\"Greenwashing in the financial sector &#8211; 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