Réponse de l’AFG à la consultation des ESAs sur le « greenwashing »

On 20 January 2023, the Association Française de la Gestion financière (AFG) published its response to the consultation by European Supervisory Authorities (ESAs‘) on greenwashing.
At the end of November 2022, the ESAs (EBA, EIOPA & ESMA) run a consultation on the subject of greenwashing until 10 January 2023. The purpose of the consultation was to gather information on how to understand the main characteristics, drivers and risks associated with greenwashing, and to collect examples of potential greenwashing practices. The ESAs will publish a progress report on the subject by May 2023, and a final report by May 2024.
AFG responded to the consultation by highlighting the following points in particular – as quoted:
– It is important to make a distinction between the risk of intentional and unintentional greenwashing. Unintentional greenwashing, independent of the will of the actors should not be a source of sanction.
– It is necessary to take into consideration the already existing requirements (MiFID, AIFMD, UCITSD) in order not to complicate the regulatory framework.
– The need to have a stable regulatory framework and consistent interpretation by the authorities is recalled. Also, the role of regulators must also be taken into account in this context.
– It is also recalled that in the current state of the regulations, the players are very dependent on the data providers and that a framework is necessary to supervise these players.
– It is important to educate insofar as there is a mismatch between the expectations of individuals and the state of the sustainable finance market. Likewise, it is important to be able to invest in the transition without being accused of greenwashing.
– The work of the French marketplace is put forward as an example of reducing the risk of greenwashing: AFG Guides, 29LEC, Doctrine 2020-03, Observatoire de la Finance Durable.
As the above is only a brief summary, you may refer to the original response document for further details.