Taking a stand against greenwashing
We believe leading by example is the right thing to do – and we know we are in a unique position to do so. That is why we have designed a new perimeter of action to guard against greenwashing – beginning with prevention activities and the issuance of ESG product guidelines.
In 2023 our Group ESG and Compliance functions coordinated a multidisciplinary working group to identify our definition of greenwashing, design the general principles and propose ESG product guidelines to be incorporated into the new product policy.
Recent cases of greenwashing allegations highlight that products can sometimes be marketed as sustainable, even when the underlying measures and processes are not. So, in 2023, our Group ESG and Compliance functions coordinated a multidisciplinary working group to identify our definition of greenwashing, design the general principles and propose ESG product guidelines to be incorporated into the new product policy.
Preventing greenwashing is of utmost importance as it safeguards our reputation and is the right thing to do for the Bank and our customers. We are dedicated to mitigating the risks of greenwashing and socialwashing, while actively supporting sustainable economic growth, the transition to a more inclusive and equitable society, and the development of a low-carbon economy.”
Head of ESG Service Excellence