With climate change becoming an increasingly urgent problem for world governments to confront, companies are coming under increasing pressure to make sustainability assessments regarding their practices, creating space for greenwashing to occur
On Monday, the International Sustainability Standards Board (ISSB) published a set of new G20-backed norms for how businesses will have to disclose the climatic impact of their economic activities and how, in turn, climate change affects their business practices. These standards are entirely voluntary in nature i.e., dependent on a nation agreeing to apply them to listed companies under their jurisdiction. Besides bringing more rigour to sustainability reporting by country, these norms are also aimed at minimising the practice of corporate greenwashing.
To put it simply, greenwashing refers to the practice of a company or an organisation conveying false or misleading information to make themselves and their practices appear more environmentally sound than they actually are. At its most egregious, this practice involves the organisation making outrightly false or unsubstantiated claims about how environmentally sustainable their products or practices are.
On the other side of this spectrum is the far more common practice of a business cherry-picking the more sustainable and positive aspects of its product or business while downplaying or omitting mention of less sustainable practices or products.
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