CURRENT AFFAIRS : BANKING & FINANCE
RBI Partners with GFIN to tackle Greenwashing in financial services
- The Global Financial Innovation Network (GFIN) is organising its first-ever Greenwashing TechSprint to combat greenwashing risks in financial services.
- The Reserve Bank of India (RBI) has announced its participation among 12 other international regulators in this initiative to develop a tool that helps the market and regulators address the issue.
- RBI noted the number of investment products marketed as ‘green’ was growing.
Key Highlights :
- Greenwashing risks in financial services refer to the practice of making exaggerated, misleading, or false claims about the environmental, social, and governance (ESG) characteristics of investment products or services.
- This is done to attract investors who are interested in sustainable or responsible investing, but can ultimately result in harm to the environment or society.
- The companies that were selected for the Greenwashing TechSprint will proceed through to on-boarding, which will take place on 1st and 2nd of June, 2023.
