ESMA Guidance On Impact And Climate Transition Claims

On 12 October 2026, the European Securities and Markets Authority (“ESMA”) published its third and fourth thematic note on making clear, fair and not misleading sustainability-related claims to address greenwashing risks. These two additional notes focus on impact claims and climate transition claims (the “Thematic Notes”). The Thematic Notes follow previous notes on ESG credentials and ESG strategies.

Although addressed to EU market participants, the Thematic Notes are likely to inform how EU national competent authorities assess sustainability claims in materials used by non-EU managers marketing funds in the EU, including under national private placement regimes. UK managers should also continue to consider the FCA’s anti-greenwashing rules, which similarly requires sustainability references to be fair, clear and not misleading.