Banks behind 'large jump in greenwashing incidents'

RepRisk also found that one in three companies tied to greenwashing was also embroiled in so-called "social washing"

Greenwashing involves an organisation making misleading sustainability-related claims to investors or consumers, usually to boost its reputation and bottom line.

The number of instances of greenwashing by banks and financial services companies around the world rose 70% in the past 12 months from the previous 12 months, according to a research report. 

European financial institutions accounted for most of those instances, and much of the greenwashing involved claims about fossil fuels. Greenwashing involves an organisation making misleading sustainability-related claims to investors or consumers, usually to boost its reputation and bottom line.