The number of instances of greenwashing by banks and financial services companies around the world rose 70% in the past 12 months from the previous 12 months, a report on Tuesday showed.
European financial institutions accounted for most instances and much of the greenwashing involved claims about fossil fuels.
"Over 50% of these climate-specific greenwashing risk incidents either mentioned fossil fuels or linked a financial institution to an oil and gas company. These incidents are not happening in isolation and regulators are increasingly aware of the scale of the problem," RepRisk said.that banks, insurers and investment firms across the bloc had made "misleading claims" about their sustainability credentials to investors.
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