‘Green Washing'
Lloyds Banking Group Misleading Ads (UK, 2024)
'We're committed to supporting the energy transition, by continuing to reduce our reliance on fossil fuels and putting the weight of our finance into clean and renewable energy. We use 100% renewable energy to power our buildings. We're aiming to halve our own energy consumption by 2030.'
These ads were banned by the UK regulator for presenting a misleading picture. While promoting green initiatives, the bank omitted its continued investments in fossil fuels.
Shell (Singapore, 2023) Shell was fined $130 million by the Monetary Authority of Singapore for falsely claiming net-zero carbon operations while still investing heavily in fossil fuels.
Green Washing refers to the practice of making vague, irrelevant, or misleading environmental claims that exaggerate a company's commitment to sustainability. Many global and multinational companies make lofty promises but deliver very little, thereby misleading stakeholders and manipulating regulatory requirements in their respective countries.
Context and Global Action
Global warming has emerged as a critical global issue, prompting world leaders to take collective action to reduce carbon emissions and safeguard our planet—Mother Earth—from further environmental damage.
In 2015, the United Nations introduced the 17 Sustainable Development Goals (SDGs) as a blueprint for a sustainable future. The Paris Agreement set a global target of limiting temperature rise to 1.5°C, necessitating a 45% reduction in emissions by 2030 and achieving net-zero emissions by 2050.
India, aligning with these international efforts, has committed to achieving net-zero emissions by 2070. These initiatives reflect a unified global resolve to combat climate change and secure a sustainable future for coming generations.
Examples of Greenwashing:
H&M (2022)
: Investigated in the Netherlands for unclear sustainability labels. Removed terms like 'Conscious Choice' and donated €400,000 to sustainable causes.
HSBC
: Ads banned for promoting climate action while financing fossil fuel projects.
Coca-Cola
: Accused in the US and EU of overstating recyclability. LA County filed a lawsuit in 2024.
Volkswagen
: Post-Dieselgate, claimed zero-emission vehicles while heavily investing in fossil fuels. Settled multiple lawsuits and paid billions in penalties.
Shell
: Misleadingly categorized fossil fuel spending as renewable investments. Ads were ruled misleading by the UK ASA.
Delta Airlines
: Called itself the 'world's first carbon-neutral airline' based on questionable offsets. Sued in California in 2023.
Luton Airport (UK, 2024)
: Ads claiming environmental responsibility failed to include flight emissions, and were banned.
TotalEnergies (South Africa, 2024)
: Found guilty of misleading ads while continuing carbon-intensive projects.
Recent Developments A 2025 study in Nature from Dartmouth linked emissions to economic damages, showing that heat-related damages from 111 companies cost the world $28 trillion (1991– 2020).
Indian Context:
India, from ancient times, has embodied sustainability and environmental harmony. Indians have long revered nature—worshipping trees, rivers, seas, and animals as gods and goddesses. The Earth is respected as 'Mother Earth,' and the country is seen as 'Bharat Mata.' Trees are cared for deeply, as they provide life-giving oxygen and absorb harmful CO2.
While industrialization and population growth have shifted some focus toward economic development, environmental stewardship remains strong. Government bodies, NGOs, foundations, and citizens actively work to protect the environment. Tree-planting initiatives are widely promoted to restore ecological balance.
A recent campaign by the Government of India, titled 'Ek Ped Maa Ke Naam,' has led to the planting of 1.4 billion trees within a year—demonstrating the country's environmental commitment. These efforts position India as a capable and credible leader in the ESG (Environment, Social & Governance) space.
Regulatory Landscape
Environment Regulators across the Globe has developed Non Financial Reporting Framework like GRI,TCFD,ISSB,SASB,CDP, EU CSRD & B Corp and are very vigil and enforcing Corporates to follow the deadlines by making them accountable
In India also SEBI has mandated BRSR (Business Responsibility & Sustainability Reporting) on top 1000 listed Corporates depending on their market capitalisation.At the same time they need some parts of 9 principles of NGRBC (National guidelines of responsible business conduct which are part of BRSR) Assurance from third parties.But they are not very effective as no penal provisions has been prescribed so far for non-compliances.
RBI too has published Discussion Paper on 'Climate Risk and Sustainable Finance' on 27th July 2022 in this regard.
Recently Ministry of Environment Forest and Climate Change has proposed Greenhouse Gas Emission reduction targets for aluminium companies and sought inputs from stakeholders.
ICAI (Institute of Chartered Accountants of India) has also established Sustainability Reporting Standard Board in 2020 which has formulated Sustainability Reporting Standards alongwith Certificate Courses on Non Financial Reporting.
Takeaways
India needs a unified non-financial reporting framework for listed companies.
A Central ESG regulator is essential.
Professionals have emerging practice opportunities in ESG and non-financial assurance.
References:
UN News, 2022: https://news.un.org/en/story/2022/11/1130317
Ethical Consumer: https:// www.ethicalconsumer.org/money-finance/banks-climate-change- environmental-crisis
Marketing Beat, 2024: https:// www.marketing-beat.co.uk/2024/07/09/luton-airport-asa- greenwash
Economic Times: https://economictimes.indiatimes.com/topic/ministry-of-environment- forest-and-climate-change
Facebook Twitter Linkedin Email Disclaimer
Views expressed above are the author's own.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Time of India
3 hours ago
- Time of India
India highlights 4000% solar growth, backs climate finance push at BRICS environment meet
New Delhi: India has recorded a 4000 per cent increase in its installed solar energy capacity over the past decade and is on track to meet its Net Zero target by 2070, Prime Minister Narendra Modi said on Monday while addressing the BRICS Leaders' Session on Environment, COP-30, and Global Health, hosted under Brazil's chairmanship. Modi said India was the first country to achieve its Paris Agreement commitments ahead of schedule, and that climate change and environmental protection remained top priorities. 'In our culture, the Earth is respected as a mother. That's why, when Mother Earth needs us, we always respond. We are transforming our mindset, our behaviour, and our lifestyle,' he said. The Prime Minister noted that India had launched several key initiatives aligned with climate goals, including Mission LiFE (Lifestyle for Environment), 'Ek Ped Maa Ke Naam', the International Solar Alliance, the Coalition for Disaster Resilient Infrastructure, the Green Hydrogen Mission, the Global Biofuels Alliance, and the Big Cats Alliance. Referring to the upcoming COP-30 being hosted by Brazil later this year, Modi said the discussion on environment within the BRICS forum was relevant and timely. He said India had taken steps to bridge the gap between the Global North and South during its G20 presidency and that the country had achieved consensus among member nations on the Green Development Pact . 'To encourage environment-friendly actions, we also launched the Green Credits Initiative,' Modi said. 'Despite being the world's fastest-growing major economy, India is the first country to achieve its Paris commitments ahead of schedule,' he added. On climate justice , the Prime Minister said, 'For India, climate justice is not just a choice, it is a moral obligation. India firmly believes that without technology transfer and affordable financing for countries in need, climate action will remain confined to climate talk.' He said developed countries had a special responsibility to help bridge the gap between climate ambition and financing. 'We take along all nations, especially those facing food, fuel, fertilizer, and financial crises due to various global challenges,' he said. He said sustainable and inclusive development of humanity could not be achieved as long as double standards persisted in the global framework. Modi extended support to the 'Framework Declaration on Climate Finance ' being released at the BRICS session, calling it a 'commendable step'. The Prime Minister also linked the environment discussion to global health challenges. 'The health of the planet and the health of humanity are deeply intertwined,' he said, adding that the COVID-19 pandemic had shown that viruses do not require visas and solutions cannot be based on passports. 'Shared challenges can only be addressed through collective efforts. Guided by the mantra of 'One Earth, One Health,' India has expanded cooperation with all countries,' Modi said. He said India had established the world's largest health insurance scheme, Ayushman Bharat , which now covers over 500 million people. 'An ecosystem for traditional medicine systems such as Ayurveda, Yoga, Unani, and Siddha has been established,' he said. He also mentioned that Digital Health initiatives were helping expand access to healthcare in the remotest parts of the country and that India would be happy to share its experiences in these areas. The Prime Minister welcomed BRICS's emphasis on health sector cooperation and said the BRICS Vaccine R&D Centre launched in 2022 was a significant step. 'The Leader's Statement on 'BRICS Partnership for Elimination of Socially Determined Diseases' being issued today shall serve as new inspiration for strengthening our collaboration,' he said. Modi said India would assume the BRICS chairmanship next year and would focus on strengthening cooperation under the theme of 'Building Resilience and Innovation for Cooperation and Sustainability.' 'Just as we brought inclusivity to our G-20 Presidency and placed the concerns of the Global South at the forefront of the agenda, similarly, during our Presidency of BRICS, we will advance this forum with a people-centric approach and the spirit of 'Humanity First,'' he said. The Prime Minister concluded by congratulating Brazilian President Luiz Inácio Lula da Silva for the successful conduct of the summit.
Indian Express
8 hours ago
- Indian Express
CA Final results: With two in top 30, Ahmedabad makes state proud
The CA final examination results declared by The Institute of Chartered Accountants of India (ICAI) on Sunday brought joy for Gujarat as Priyal Pramod Jain and Parth Amar Shah — both Ahmedabad residents — secured 18th and 28th all-India ranks, respectively. The results of CA Intermediate and Foundation examinations were also declared by the institute on Sunday. The Intermediate results gave the state reasons to celebrate as well, with Kinjal Rajeshbhai Chaudhary and Yug Anilkumar Patel — again from Ahmedabad — securing the 29th and 38th, respectively. Priyal, a student of Nirma Vidyavihar and a graduate from R J Tibrewal Commerce College (Gujarat University), said she chose to become a CA, inspired by her father. 'I only hoped for a positive result, but securing the 18th rank made me happy beyond words.' Parth, who completed his schooling from Anand Niketan Satellite and pursued his graduation at GLS University, said his journey of becoming a CA started with a 'simple curiosity'. 'I joined the CA course simply because I liked it,' he said. 'I had not planned much, but now this spontaneous decision has become a proud achievement, and I couldn't be happier with how far I have come.' The CA Final, Intermediate, and Foundation examinations were held in May this year. At the Ahmedabad centre, the pass percentage stood at 19.35 per cent for CA Final, 10.62 per cent for CA Intermediate, and 13 per cent for CA Foundation. CA Nirav Agarwal, Chairman of the ICAI's Ahmedabad branch, said the city's performance showed an improvement in the Final exams, compared with November 2024. While Ahmedabad saw 23.28 per cent pass rate for Group 1, Group 2 recorded 20.10 per cent. However, Intermediate and Foundation results of Ahmedabad centre reflected a dip in the pass rate. Intermediate Group 1 saw 13.99 pass rate and Group 2 stood at 33.18 per cent. The Foundation exam recorded a 13 per cent pass rate, down from 23.16 per cent in January 2025. For Intermediate results, the national pass rate for both groups stood at 13.22 per cent, slightly down from 14.05 per cent in November 2024. Group 1 had a pass percentage of 14.67 per cent, while Group 2 stood at 21.51 per cent. Purushottam Khandelwal, Central Council Member at ICAI, said the national CA Final pass percentage (both groups) jumped to 18.75 per cent this year from 13.44 per cent in November 2024. Group 1 recorded a 22.38 per cent and Group 2 registered a 26.43 per cent pass figure. Out of 29,286 students who appeared for the exams, from both groups, 5,490 cleared them. For the Foundation exams, the national pass rate dropped to 15.9 per cent from 21.52 per cent in previous cycle.
Time of India
11 hours ago
- Time of India
Hardwani tops CA Final from city
Nagpur: Kunal Hardwani is the topper from Nagpur with a score of 450 in the CA Final examination held in May 2025, results of which were declared on Sunday. Hardwani took a six-month leave from work to prepare for the examination. "Every week, I took a day off just to dance, catch up with my friends, or unwind. It kept me mentally aligned," said Hardwani. As per the list provided by The Institute of Chartered Accountants of India (ICAI), Prabhav Mude is the second topper in CA Final from Nagpur with a score of 433. Aayush Bansod, on third place with 424 marks in CA Final, opted for only self-study. "I didn't enrol in any coaching class. What helped me was discipline and breaks that included music and podcasts, even ones unrelated to academics," he said. According to ICAI, 196 out of 995 candidates from the city cleared the Foundation level, a result that educators say reflects a healthy mix of discipline, innovation, and good support systems. Ishant Vikram Tejwani is top scorer in the Foundation Exam from Nagpur with a score of 328 marks. He said, "I focused on understanding rather than memorising," he said. Tejwani dedicated 7–8 hours daily to study, structuring his routine around concept clarity and mock revisions. Kartik Gokhale and Piyush Lakhani, who ranked second and third with a score of 326 and 325, respectively, cleared the exam in their first attempt. Their formula: a mix of coaching guidance and disciplined self-study, backed by emotional reinforcement from families and mentors. "It's more than just an exam result. It feels like the start of something significant," said Gokhale.
