Thematic notes on clear, fair, and not misleading sustainability-related claims - impact claims
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ESMA publishes two new thematic notes against greenwashing: one on positive impact claims in funds and bonds and another on climate transition claims. They offer practical do's and don'ts and examples of good and poor practice so that such communications are clear, fair and not misleading.
Key points
- Impact: explain intentionality, additionality and how results are measured, without conflating investor impact with investee impact.
- Objectives that are too broad (for example generic references to the SDGs) and vague or missing theories of change are observed.
- Transition: clarify the ambition, how it will be implemented and how progress will be reported, with assumptions and data limitations.
- They create no new obligations and do not pre-empt the SFDR review.
Who is affected
Fund managers, issuers of green, social and sustainability-linked bonds, benchmark administrators and distributors.
Plain-language version
ESMA, the EU watchdog for stock markets and investment products, has published two guides against greenwashing (claiming to be greener or more social than you are) in funds and bonds. If a product claims a positive impact, it must explain how it achieves and measures it, without mixing up what the company does with what the investor adds. These are guidance notes, not new rules.
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Summary produced with artificial intelligence from the official publication. It may contain errors: always check the original document.
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