GREENWASHING GUIDELINES
Shein, hit with big fines, boosts internal controls
Shein is strengthening its controls after a string of fines over data privacy breaches, fake discounts and greenwashing. Executive chairman Donald Tang said the company has created a "Business Integrity Group" that connects compliance, governance and external affairs teams, and has also expanded its internal audit capabilities to strengthen "discipline".
Parliament panel pitches for ESG oversight body to combat greenwashing activities
A Parliamentary panel urges the corporate affairs ministry to establish an ESG oversight body to combat greenwashing and penalize fraudulent ESG claims. The panel recommends sector-specific guidelines, support for MSMEs, and statutory amendments to the Companies Act, 2013, to integrate ESG objectives into Directors' duties. Additionally, the ministry is asked to combat financial crimes and bolster the SFIO's efficacy.
Amend Companies Act to bolster ESG initiatives, set up oversight body: House panel tells MCA
A parliamentary panel urges amending the Companies Act to integrate ESG objectives into directors' duties and establish an ESG oversight body to combat greenwashing. The committee also calls for improved efficiency at the SFIO, swift filling of vacancies at the NFRA, and a transparent oversight system for CSR, emphasizing the need for empirical data on project outcomes and enforcement actions.
Will Budget 2025 green-light India’s climate finance taxonomy?
Finance Minister Nirmala Sitharaman's Budget 2025 announcement to establish a climate taxonomy aims to guide investments towards sustainable growth. The taxonomy will classify economic activities in alignment with India's climate goals, supporting climate finance and mitigating greenwashing. This step aligns with India's international commitments, enhancing transparency and investor confidence while fostering green infrastructure development.
How ESG will accelerate growth in Indian companies
As per KPMG in India’s 2024 India CEO Outlook, CEOs in India and across the world are taking a long-term view on ESG investments, with many expecting significant returns within five to ten years.
CCPA issues 325 notices for consumer rights violations, imposes Rs 1.19 crore in penalties
The Central Consumer Protection Authority (CCPA) has issued 325 notices and imposed penalties totaling Rs. 1.19 crore for consumer rights violations. The CCPA has implemented guidelines to combat misleading advertisements, unfair trade practices, and greenwashing, particularly in e-commerce and coaching sectors. New frameworks also address dark patterns and online consumer reviews to enhance consumer protection.
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Gaining customers’ trust vital for ecommerce: Pralhad Joshi
The government believes that consumers' confidence and ability to make educated decisions are just as important as the amazing opportunities presented by the digital revolution, said Consumer Affairs Minister Pralhad Joshi at Amazon's flagship annual summit, Amazon Smbhav. He added that ecommerce platforms must win over customers' trust and confidence.
Greenwashing rules push startups to reevaluate marketing and packaging strategies
The Central Consumer Protection Authority (CCPA) on October 15 introduced guidelines that restricted the use of such terms in advertisements unless backed by scientific evidence or third-party certification, aiming to promote transparency.
Brands must justify 'Green' claims, else get red-flagged: Cos can be penalised for misleading ads as per new norms
New guidelines require eco-friendly product claims to be substantiated or companies will face penalties for misleading advertising. These rules apply to manufacturers, service providers, traders, advertising agencies, and endorsers. Companies must verify claims using packaging, QR codes, or web addresses to ensure transparency and credibility for consumers making choices based on green claims.
Crackdown on false environmental claims; govt releases greenwashing guidelines
Companies claiming to be eco-friendly must disclose the basis of such claims or face penalties for misleading advertising. Manufacturers, traders, and service providers are included, and all claims must be substantiated, ensuring transparency and integrity in environmental assertions.
Tech integration and regulatory alignment crucial for banks’ growth: Maveric Systems
There is an urgent need for Indian banks to realign their portfolios, operational structures, and compliance frameworks to meet evolving global regulatory standards, says the latest report by Maveric Systems.
Don't be fooled: The threat of AI-washing to Indian consumers
India's consumer market battles AI-washing as stakeholders collaborate for a transparent ecosystem. Responsible AI development and informed consumerism are crucial for a thriving marketplace. Transparency and trust are essential for a successful future.
ASCI issues guidelines to promote honest environmental claims in ads
The guidelines require comparative claims like "greener" or "friendlier" to be supported by evidence of the advertised product or service providing environmental benefits over its previous product or competitor's product. Ads must not mislead consumers about the environmental benefit that a product or service offers by highlighting the absence of an environmentally damaging ingredient if that ingredient is not usually found in competing products or services, the guidelines state.
Support environmental claims such as eco-friendly with evidence: Draft greenwashing guidelines
"All environmental claims shall be accurate and disclose all material information either in the relevant advertisement or communication or by inserting a QR Code, or any such technology including web link, which will be linked to relevant information," the department said in a statement.
Not mandatory for banks, NBFCs to raise green funds: RBI FAQs
The Reserve Bank of India (RBI) clarified that while it is not mandatory for banks and NBFCs to raise green funds, they must adhere to the prescribed framework if they choose to do so. The RBI emphasized that premature withdrawal of green deposits will not impact the projects funded by these deposits.
India has an enviable place in global ESG disclosure list
As SEBI maintains an aggressive stance on ESG reporting, India is placed comparatively higher than other leading global economies on this front.
ASCI Releases draft guidelines to check environmental claims in adverts
Developed by a multi-stakeholder task force, including environmental experts, these guidelines aim to ensure that advertisements are free from greenwashing practices. The draft guidelines establish a clear framework for advertisers to present truthful and evidence-based environmental claims, it added.
ESG funds continue to see outflow; Rs 520 crore pulled out in June quarter
"While the Indian sustainable fund market is still in its nascent state, we have witnessed a similar trend since COVID-19 with a handful of new fund launches. Since then, there have been no new fund launches in the past 24 months," the report said.
For investors, green companies still hard to find with new emissions reporting rules
Majority of the major Western firms employ the Greenhouse Gas Protocol (GHGP) Corporate Standard for reporting emissions.
Allowing MFs to launch multiple ESG schemes to provide responsible investment avenues: Experts
The capital markets regulator on Thursday allowed mutual funds to introduce five new categories under ESG and put in place a disclosure framework for them.
'Greenwashing' and false claims of being ecofriendly by brands under lens
Greenwashing is classified as an unfair trade practice by the Consumer Protection Act, 2019. The Bureau of Indian Standards (BIS) too has a green product certification scheme to monitor products labelled as eco-friendly, while green labels like Energy Star and EcoMark are given to products that meet energy efficiency, water conservation and sustainable raw material sourcing.
Keep business clean from greenwashing
Government must develop clear guidelines and criteria on how companies should prove their environmental claims, having these claims checked by an independent and accredited verifier, and a robust environmental labelling scheme that is transparent and reliable.
Greenwashing: How some companies are using sustainability as a marketing gimmick
Brands must realise that the green marketing may help them win quick business but there is a potential risk of the brand being boycotted once the truth tumbles out.
COP27: Cities with net zero promises falling short on tracking: Report
A United Nations high-level expert group last week issued guidelines for how to avoid greenwashing on net-zero pledges. The new analysis finds that few non-state actors are in clear compliance. Of the 1,156 publicly-listed companies, regions and cities that have so far made net-zero pledges - up from 907 a year ago - many are little more than vague commitments or proposals, the report said.
UN expert panel: Non-state entities' net zero carbon pledges not enough
The growing number of net zero and carbon neutrality pledges by non-state entities is good news but as the UN Secretary General Antonio Guterres puts it, "the problem is that the criteria and benchmarks for these net-zero commitments have varying levels of rigour and loopholes wide enough to drive a diesel truck through."
Green bonds are a growing avenue to raise fund: Should investors allocate their portfolio?
The bond issuer is bound to exclusively utilise the proceeds to finance eco-friendly ventures or assets such as renewable energy, clean transportation, sustainable waste and water management systems, energy efficient and green buildings, and biodiversity conservation.
TikTok, YouTube and Facebook want to appear trustworthy. Don't be fooled.
Facebook, Twitter and YouTube long ago lost the battle for public opinion, facing ire from consumers and lawmakers about A.I. systems that misinform, radicalise and polarise.
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