New UK independent group forms to tackle 'greenwashing'
The Green Technical Advisory Group will advise investors, consumers and businesses to make green financial decisions.
The UK Government has established an independent group to advise on standards for green investment.
The Green Technical Advisory Group will oversee the government’s delivery of a 'Green Taxonomy' – a common framework setting the bar for investments that can be defined as environmentally sustainable.
It is hoped the group will help clamp down on greenwashing – unsubstantiated or exaggerated claims that an investment is environmentally friendly – and make it easier for investors and consumers to understand how a firm is impacting the environment.
Commenting, John Glen, Economic Secretary to the Treasury, says, 'We want investors and businesses to play their part in greening our economy and transitioning to net-zero, so it’s crucial we have a clear common definition of what green means. A UK green taxonomy will provide better data on the environmental impact of firms, supporting investors, businesses and consumers to make green financial decisions and accelerating the transition to net-zero.'
