Central Bank deputy governor Sharon Donnery has warned bankers that consumers do not fully trust the climate and sustainability claims they are making about their products. Speaking at the Banking and Payment Federation of Ireland (BPFI) annual conference, Ms Donnery said the issue had emerged during the Central Bank’s ongoing review of the Consumer Protection Code. She said preliminary findings from the review suggested environmental, social and governance disclosures, reporting, labelling and advertising could be regarded as “greenwashing”. She warned that financial institutions had only until the end of next year to get up to speed in terms of meeting the Central Bank’s supervisory expectations on climate risk. She said the Central Bank’s own thematic review of the industry found many institutions were far from prepared for the application of environmental risk assessment in financial regulation.

Source: Irish Independent June 12, 2023 12:03 UTC