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Greenwashing TechSprint

News: To create a tool that would assist regulators and the market in efficiently addressing the dangers of greenwashing in financial services, the Reserve Bank of India (RBI) will collaborate with 12 other international regulators in the first-ever Greenwashing TechSprint organised by the Global Financial Innovation Network (GFIN).

Greenwashing is the practise of deceiving the public into thinking that businesses, governments, or local officials are doing more for the environment than they actually are.

Making a product or policy appear more ecologically friendly or less harmful than it actually is may fall under this category.

Environmentalist Jay Westervelt first used the phrase in 1986.

The phenomena emerged as regulators and consumers alike sought to learn more about ‘green’ items that were sustainable, recyclable, and favourable to the environment.

By 2015, 66% of consumers were prepared to pay more for an ecologically friendly product.

A firm engages in “greenwashing” largely to promote itself as a “environmentally friendly” organisation or to increase profits.

It is accomplished by developing a product that satisfies the natural consumer need for green products.

In some cases, it is done using the bigger concept as a basis to reduce some operational logistics and supply consumer necessities.