Why in News?
Recently, the United Nations Secretary General has warned private corporations to desist the practice of Green washing and mend their ways within a year.
- The general has also directed to set up an expert group solely to look into the practice.
About Greenwashing
- What is it? It is the process of conveying a false impression or misleading information about how a company’s products are environmentally sound.
- Greenwashing involves making an unsubstantiated claim to deceive consumers into believing that a company’s products are environmentally friendly or have a greater positive environmental impact than they actually do.
- In addition, greenwashing may occur when a company attempts to emphasize sustainable aspects of a product to overshadow its involvement in environmentally damaging practices.
- Companies can also greenwash initiatives with vague claims that don’t provide real data or scientific validation for the claims.
- For example, a car vendor claims that a vehicle is eco-friendly because it is more fuel-efficient, while failing to mention or consider the larger industrial impact of vehicle manufacturing on the environment.
What is the International Sustainability Standards Board (ISSB)?
- A worldwide standard for sustainability reporting was created in 2021-22.
- It is part of the independent International Financial Reporting Standards (IFRS) foundation, which also writes accounting rules used in more than 100 countries.
- The mission of the ISSB is to develop—in the public interest—a comprehensive global baseline of high-quality sustainability disclosure standards to meet investors’ information needs.
Way Forward
- We must not allow corporations pursuing net zero targets to make fresh investments in fossil fuels.
- They must also be asked to present short-term emission reduction goals on the path to achieving net zero.
- Corporations should also use offset mechanisms at the start of their journey to net-zero status.
- We should focus our priority on creating regulatory structures and standards to monitor greenwashing.
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