EIOPA's Final Report and Opinion on Greenwashing - Advice to the European Commission

As the demand for sustainability rises, insurance and pension providers are increasingly adopting environmentally friendly business models and offering more sustainable options to consumers. While this shift can be a positive step toward a net-zero economy, it also brings the risk of greenwashing - when financial service providers misleadingly portray themselves and/or their products as more sustainable than they truly are.

To combat this risk, EIOPA sets out key proposals aimed at enhancing the supervision of greenwashing and at improving the sustainable finance regulatory framework.

Complementing the Final report, EIOPA is publishing its Opinion on sustainability claims and greenwashing, which sets out four key principles that national supervisors should consider when probing undertakings’ sustainability claims. The final report offers practical guidance on applying the principles, with real-world examples of good and bad practices throughout the insurance and pension lifecycle.

Watch our interview with national experts:

EIOPA’s Final Report and the related Opinion on sustainability claims and greenwashing are a response to the European Commission’s Call for Advice on greenwashing and follow the publication of EIOPA’s Progress Report on the topic in June 2023.