5 EU member states’ national supervisors report instances of greenwashing

Written by Adam Cadle

04/06/2024

Five EU member states’ national supervisors reported instances of greenwashing in 2024, up from three in 2023, EIOPA has revealed.

Furthermore, six more NCAs are currently investigating potential cases, an increase from five last year.

“If left unaddressed, greenwashing could undermine genuine efforts to finance the sustainable transition and erode consumers’ trust in Europe’s insurance and pensions sectors,” EIOPA stated.

EIOPA has set out four key principles that national supervisors should consider when probing undertakings’ sustainability claims. These are: Sustainability claims made by a provider should be accurate, precise, and should fairly represent the provider’s profile, and/or the profile of its product(s); sustainability claims should be substantiated with clear reasoning, facts and processes; sustainability claims and their substantiation should be accessible by the targeted stakeholders; sustainability claims should be kept up-to-date, and any material change should be disclosed in a timely manner and with a clear rationale.

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