News World EU agrees on new rules to counter investment "greenwashing"

EU agrees on new rules to counter investment “greenwashing”

The European Union agreed on Thursday on a new law that forces asset managers, insurers and pension funds to disclose environmental risks in their investments.

The law is meant to spur green investment and to curb “greenwashing”, a practice whereby companies claim to be more environmentally friendly than they really are.

The agreement reached by EU governments and EU lawmakers will also introduce transparency requirements on the social consequences of investment decisions.

“The EU is today setting out a transparency framework to make sure that investors are well informed of the environmental and social impact of their investments,” said Eugen Teodorovici, Minister of Finance for Romania, which currently holds the EU presidency.

The new law, which now needs a few final procedural steps before it can enter into force, sets uniform rules on how financial firms should inform investors about environmental and social risks and opportunities linked to investments.

Financial managers will have to disclose, for instance, investments in assets that could pollute water or damage bio-diversity.

The new rules are part of a package of measures meant to help the EU to achieve its targets in countering global warming, for which the commission has estimated that 180 billion euros ($203.4 billion) a year in additional investment will be needed for the next two decades.

As part of this package, EU states and lawmakers are also negotiating a legal text to establish a unified EU classification system of sustainable economic activities which would set out the criteria for labelling investments as “green”.


Top Stories

273 new cases of COVID-19 our of 57,926 tests announced on Friday

The Health Ministry announced 273 new Coronavirus cases out of 57,926 PCR and rapid antigen tests on Friday, 5 March, taking confirmed infections to...

Very few COVID-19 confirmed cases found among students

The Health Ministry today carried out antigen rapid tests to the staff and students of private and public schools. In total 10,147 have been tested...

Niki Zarou files lawsuit against Yiolitis, Republic of Cyprus

Following the cancellation of the search warrant of her house in the case of the parody account on Twitter, under the title “Lady Emily...

Where to get a rapid test on Saturday, 6 March

Aiming at the continuous surveillance of the community and the workplaces, the free programmes of rapid antigen testing of the general population and employees...

The EU will never accept a two-state solution for Cyprus, Borrell underlines

Turkey and the Turkish Cypriot side must stay away from the rhetoric for two states in Cyprus, because such a form of a settlement...


Squash soup

Ingredients: 1 kg pumpkin, cut into small cubes, approximately 5 cups 2 medium (400g) sweet potatoes, cut into cubes, approximately 2 ½ cups 1 chopped leek, only...


No visit to Cyprus is complete without enjoying the traditional meal of many small dishes known as ‘meze’. This large feast, which has been a...

Prawns with fried cheese, barley shaped pasta

Put the barley shaped pasta into a small pan with salted water, bring to a boil and when tender, drain. Peal the prawns leaving...

Salmon and shrimp sheftalies

Mix all ingredients for tabbouli in a bowl and keep to one side so flavours can combine. Prepare the sheftalies: wash and soak the casing...