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As global awareness of sustainability grows, European insurance consumers and pensions savers are increasingly interested in allocating their money sustainably. In response to this heightened demand, insurance and pension providers have expanded their sustainable offerings and are adapting their business models.
However, these developments have brought about a corresponding increase in potential instances of misleading sustainability claims, or, in other words, greenwashing. Acknowledging the imperative of maintaining consumers’ trust in the European insurance and pensions sectors and of ensuring that sustainability claims be accurate, substantiated and accessible, EIOPA is proposing a common supervisory approach to combat greenwashing.
This draft Opinion, presented for public consultation, sets out four principles that should be observed when providers make sustainability claims. To make the proposed principles more concrete and to demonstrate how greenwashing can occur in practice, EIOPA has compiled examples of good and bad practices for each principle.