The Reserve Bank of India will be among 13 international regulators taking part in the Global Financial Innovation Network (GFIN)’s first-ever Greenwashing TechSprint.
GFIN is a group of over 80 international organisations committed to supporting financial innovation in the interest of consumers and it is currently chaired by the Financial Conduct Authority. The TechSprint will launch on June 5, and will run for three months, ending with a showcase day in September 2023.
The number of investment products marketed as ‘green’ or making wider sustainability claims is growing. Exaggerated, misleading, or unsubstantiated claims about Environmental, Social, and Governance (ESG) credentials damage confidence in these products and the RBI wants to ensure that consumers and firms can trust that products have the sustainability characteristics they claim to have. RBI will therefore be participating in a virtual TechSprint, hosted on the FCA’s Digital Sandbox, to bring together international regulators, firms, and innovators to address sustainable finance as a collective priority.
