Aussie securities regulator ASIC has published guidance for superfunds on how to avoid greenwashing when promoting sustainability-related products. ASIC defines greenwashing as “the practice of misrepresenting the extent to which a financial product or investment strategy is environmentally friendly, sustainable or ethical”. Following a review of a sample of funds, it identified areas for improvement such as using clear labels, defining sustainability terminology, and explaining how sustainability considerations are factored into investment strategies. The Responsible Investment Association Australasia (RIAA) welcomed the guidance. CEO Simon O’Connor described it as “essential reading for investors and product issuers to understand how greenwashing is defined, the existing regulations they need to comply with and the questions to consider when marketing sustainability-related products”.
Twenty-four US state attorneys general have written to the Securities and Exchange Commission secretary demanding that it halts work on a proposed climate disclosure rule. “The proposed rule seeks to recast the commission’s statutory role and remake the federal securities disclosure regime, all in an ill-advised misadventure into environmental regulation,” the letter claims.
The Bank of JiuJang has become the first Chinese bank to sign up to the Partnership for Carbon Accounting Financials (PCAF), committing to use the PCAF methodology for carbon accounting and disclosures within three years. The bank, which was also the first bank in China to sign up to the Principles for Responsible Banking in 2020, joins 275 financial institution members of PCAF across 55 countries.
The IIGCC has published a new infrastructure section of its net zero investment framework, aiming to provide guidance for multi-asset and specialist infra investors on aligning and managing their portfolios in line with net zero by 2050. The guidance covers scope of assets, metrics and targets to ensure alignment, and implementation suggestions for investors to ensure real economy decarbonisation. The consultation is open on the section until 8 July, with a final version set to be published in Q3 this year.
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