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ARTICLE · 15 JULY 2022

Managing Greenwashing Risk In The Insurance Industry

William Fry LLP
William Fry LLP
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William Fry LLP

William Fry LLP

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Combatting greenwashing (i.e. when products or services are not as sustainable as claimed) is a key focus of the Central Bank of Ireland's (CBI) supervisory approach to sustainable finance and addressing climate change.

IrelandInsurance
Eoin Caulfield
Eoin Caulfield
John Larkin
John Larkin
Ian Murray
Ian Murray
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Central Bank of Ireland Outlook

Combatting greenwashing (i.e. when products or services are not as sustainable as claimed) is a key focus of the Central Bank of Ireland's (CBI) supervisory approach to sustainable finance and addressing climate change. This was clearly stated in Governor Makhlouf's November 2021 Dear CEO letter to all regulated firms, including (re)insures, outlining the CBI's supervisory expectations regarding climate and ESG (environmental, social and governance) risks. The risk of greenwashing also featured as a key cross sectoral risk in the CBI's recently published Consumer Protection Outlook Report 2022 which warned firms of the need for 'special care...in the emerging field of sustainable finance' and that firms 'must explain properly the environmental impacts of products they are selling' to avoid the risk of greenwashing. In addition, the CBI led climate Risk and Sustainable Finance Forum which took place on 29 June 2022, provided a

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