In late March 2024, the Australian Securities and Investments Commission (ASIC) won its first “greenwashing” court enforcement action against Vanguard Investments Australia Limited (Vanguard). While “greenwashing” (the practice of a business conveying a false or misleading representation about the environmental impact of its operations) has been a major focus of ASIC and the Australian Competition
Significant progress has been made at the EU level in combating “greenwashing” through regulatory measures, particularly with the adoption of the “Empowering Consumers Directive” (Directive (EU) – 2024/825). This directive, among other provisions, includes greenwashing behaviors in the list of misleading practices outlined in the Unfair Commercial Practices Directive (UCPD) — Directive 2005/29/EC.
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