Today, the European Insurance and Occupational Pensions Authority (EIOPA) launched a public consultation on its draft Opinion on sustainability claims and greenwashing. The Opinion aims to ensure the accuracy and substantiation of sustainability claims across Europe and to limit the risk of greenwashing in the insurance and occupational pensions sectors.
EIOPA is proposing four principles that providers should observe when making sustainability claims. To illustrate these principles, the authority has compiled examples of good and bad practices. Furthermore, EIOPA proposes that National Competent Authorities monitor providers’ adherence to the principles, evaluate their sustainability claims and examine sustainability-related terms in product names.
The consultation is open until 12 March 2024, and stakeholders can submit their comments via the online survey. This follows EIOPA’s Progress Report on Greenwashing, released in June 2023, and the authority plans to submit its final report to the European Commission by May 2024.
