Mick Wallace: Exposes Rampant Greenwashing in Sustainable Finance
Mick Wallace criticised rampant greenwashing in the Sustainable Financial Disclosure Regulation, saying many Article 9 "dark green" funds still invest in fossil fuels and aviation. He challenged the Commission on how it will legally define and enforce greenwashing and Article 9 to stop misleading sustainability claims.
Allegations of greenwashing
Mick Wallace said the Sustainable Financial Disclosure Regulation is flawed as more than half of Article 9 "dark green" funds hold investments in the fossil fuel industry and in aviation, calling this incompatible with the Article 9 requirement to not do significant harm.
Named recipients of green-labelled funds
He said the money with green credentials flows to investment in Big Oil and the likes of Shell, Total, BP and Saudi Aramco, to airline companies such as Lufthansa, Air France and KLM, and to coal giants.
Scale of investments
Wallace stated that greenwashing of financial markets has been lucrative, with over 619 billion invested into funds promising sustainability.
Regulatory warnings and enforcement concerns
He cited the European Securities and Markets Authority as outlining numerous labelling violations by dark green funds but said enforcement of the regulation has been lacking.
Direct question to the Commission
He asked how the Commission plans on legally defining greenwashing to enforce the Sustainable Financial Disclosure Regulation and Article 9.
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Thank you very much, President. Yet again we're seeing more rampant greenwashing. Sustainable financial disclosure regulation is clearly flawed as more than half of the dark green under Article 9 have levels of investment in the fossil fuel industry and in aviation. This money with green credentials flows to investment in Big Oil and the likes of Shell, Total, BP and Saudi Aramco, the airline companies, Lufthansa, Air France, KLM and to coal giants. In what world are these practices considered as not doing significant harm as Article 9 states? The greenwashing of financial markets has proven to be very lucrative with over 619 billion invested into these funds with a promise of sustainability. The European Securities and Markets Authority have outlined the numerous labelling violations of dark green funds but the enforcement of regulation has been lacking. How does the Commission plan on legally defining greenwashing to enforce sustainable finance disclosure regulation and Article 9? Thank you. Thank you.
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