{"id":25388,"date":"2023-10-16T14:23:26","date_gmt":"2023-10-16T19:23:26","guid":{"rendered":"https:\/\/pdv-a.com\/?p=25388"},"modified":"2023-10-16T15:38:42","modified_gmt":"2023-10-16T20:38:42","slug":"greenwashing-reguladores-mercado","status":"publish","type":"post","link":"https:\/\/pdv-a.com\/en\/2023\/greenwashing-reguladores-mercado\/","title":{"rendered":"Greenwashing: A Concerning Challenge for Regulators and the Financial Sector"},"content":{"rendered":"<p><em>El \u00abgreenwashing\u00bb preocupa a reguladores y al sector financiero, amenazando la confianza de los inversores y la sostenibilidad a largo plazo en la UE.<\/em><\/p>\n<p><em>The European Commission is actively seeking the input of supervisory bodies to address the issue of \"greenwashing,\" with an eagerly anticipated report expected in May 2023.<\/em><\/p>\n<p><em>La Comisi\u00f3n Europea busca la contribuci\u00f3n de organismos supervisores para abordar el \u00abgreenwashing,\u00bb con un informe esperado en mayo de 2023.<\/em><\/p>\n<p>El \u00abgreenwashing\u00bb se percibe como uno de los principales riesgos para la confianza de los inversores y, por lo tanto, como una amenaza para el logro del objetivo com\u00fan de transformar a largo plazo el sistema productivo de la UE hacia un modelo sostenible.<\/p>\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_69_1 counter-flat ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Tabla de contenidos<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewbox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewbox=\"0 0 24 24\" version=\"1.2\" baseprofile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 eztoc-toggle-hide-by-default' ><li class='ez-toc-page-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/pdv-a.com\/en\/2023\/greenwashing-reguladores-mercado\/#Greenwashing_definicion\" title=\"Greenwashing, definici\u00f3n.\">Greenwashing, definici\u00f3n.<\/a><\/li><li class='ez-toc-page-1'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/pdv-a.com\/en\/2023\/greenwashing-reguladores-mercado\/#Greenwashing_y_los_reguladores\" title=\"Greenwashing: definition\">Greenwashing: definition<\/a><\/li><li class='ez-toc-page-1'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/pdv-a.com\/en\/2023\/greenwashing-reguladores-mercado\/#Inversion_sostenible\" title=\"Sustainable Investment:\">Sustainable Investment:<\/a><\/li><li class='ez-toc-page-1'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/pdv-a.com\/en\/2023\/greenwashing-reguladores-mercado\/#Referencias\" title=\"References\">References<\/a><\/li><\/ul><\/nav><\/div>\n<h4><span class=\"ez-toc-section\" id=\"Greenwashing_definicion\"><\/span><strong>Greenwashing, definici\u00f3n.<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p>The European Securities and Markets Authority (ESMA) has defined this concept as the amalgamation of market practices associated with sustainability disclosure that inadequately reflect the sustainability risks and impacts associated with an issuer or financial instrument. This definition, though ostensibly straightforward at first glance, becomes exceptionally intricate upon deeper scrutiny.<\/p>\n<p>El modelo de finanzas sostenibles proyectado por las pol\u00edticas de la Uni\u00f3n Europea (UE) est\u00e1 ganando cada vez m\u00e1s relevancia, a medida que se vuelve m\u00e1s complejo y t\u00e9cnico. En este momento, en el que la regulaci\u00f3n y las metodolog\u00edas ASG (ambiental, social y de gobierno) est\u00e1n en desarrollo, y las necesidades de conocimiento t\u00e9cnico est\u00e1n en aumento, el fen\u00f3meno conocido como \u00abgreenwashing\u00bb ha captado la atenci\u00f3n de supervisores, reguladores y del propio sector financiero.<\/p>\n<p>A pesar de lo que sugiere el t\u00e9rmino \u00abgreenwashing,\u00bb este no se limita \u00fanicamente a cuestiones medioambientales, sino que tambi\u00e9n abarca aspectos sociales (\u00absocial-washing\u00bb) y de gobernanza (\u00abgovernance-washing\u00bb). Otros elementos que actualmente est\u00e1n siendo objeto de debate incluyen la intencionalidad (\u00bfse puede considerar \u00abgreenwashing\u00bb un comportamiento no intencionado?), el diferente rol y, en consecuencia, el nivel de responsabilidad que deben atribuirse a los distintos actores, as\u00ed como el tratamiento que debe darse a la amplia variedad de situaciones que pueden surgir a lo largo de la cadena de valor. <strong>. It is imperative to clarify these uncertainties.<\/strong><\/p>\n<h4><span class=\"ez-toc-section\" id=\"Greenwashing_y_los_reguladores\"><\/span><strong>Greenwashing: definition<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p>Los reguladores est\u00e1n intensificando la presi\u00f3n para evitar el \u00abgreenwashing.\u00bb <a href=\"https:\/\/finresp.es\/\" target=\"_blank\" rel=\"noopener\">Finresp (Centro de Finanzas Responsables y Sostenibles de Espa\u00f1a)<\/a> se encuentra inmerso en este debate.<\/p>\n<p>La Comisi\u00f3n Europea ya ha delineado sus expectativas con respecto al papel que deben desempe\u00f1ar los organismos supervisores en la identificaci\u00f3n, prevenci\u00f3n, investigaci\u00f3n, sanci\u00f3n y correcci\u00f3n del \u00abgreenwashing.\u00bb En mayo de 2022, solicit\u00f3 la contribuci\u00f3n de las tres Autoridades Europeas de Supervisi\u00f3n (ESA por sus siglas en ingl\u00e9s). En noviembre, estas autoridades lanzaron una consulta a todas las partes interesadas (call for evidence) con el objetivo de mejorar la comprensi\u00f3n del concepto y identificar posibles casos. Se espera que, una vez finalizado este proceso, se publique un informe en mayo de 2023.<\/p>\n<p>Contrary to what the term \"greenwashing\" implies, it not only pertains to environmental matters but also encompasses social (\"social-washing\") and governance aspects (\"governance-washing\"). Other elements currently under discussion include intentionality (can unintentional behavior be considered \"greenwashing\"?), the distinct roles and, consequently, the levels of responsibility attributed to different actors, as well as the treatment of the wide range of situations that may arise along the value chain. It is imperative to clarify these uncertainties.<\/p>\n<h4><span class=\"ez-toc-section\" id=\"Inversion_sostenible\"><\/span><strong>Sustainable Investment:<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p>We face challenges due to the extensive regulatory agenda of recent years (which is still ongoing). The concept of sustainability (or, more specifically, sustainable investment) has been approached from various perspectives, such as transparency, product marketing, or reporting, among others. Each approach has been based on different premises, leading to inevitable variations in definitions and regulatory approaches. This has so far prevented the existence of a unified and fully coherent concept of the phenomenon.<\/p>\n<p>The development of taxonomies plays a pivotal role in the quest for a harmonized vision. The environmental aspect has progressed more rapidly in this regard, although it is not yet fully consolidated due to its dynamic nature, openness to new activities, and ongoing review of its technical selection criteria. In the case of the social aspect, taxonomies are still to be defined, and their availability in the short term is not anticipated.<\/p>\n<p>Another challenge is the availability of high-quality data. The Directive on non-financial reporting has represented a significant advancement in this regard, but there is still room for improving the harmonization of information standards and calculation methodologies for certain indicators. We are confident that the new Sustainability Reporting Directive (SRD, for short) and the standards proposed by the European Financial Reporting Advisory Group (EFRAG) will contribute to enhancing transparency and comparability. <a href=\"https:\/\/www.efrag.org\/\" target=\"_blank\" rel=\"noopener\">EFRAG (European Financial Reporting Advisory Group) <\/a>contribuir\u00e1n a mejorar la transparencia y la comparabilidad.<\/p>\n<p>En cuanto a la asignaci\u00f3n de recursos hacia actividades sostenibles, es fundamental reconocer que la responsabilidad de garantizar la autenticidad de la informaci\u00f3n transmitida al mercado debe recaer en la parte correspondiente, es decir, en quienes tienen la capacidad de gestionar directamente los aspectos ESG. La idea de atribuir al sector financiero un papel de supervisi\u00f3n, como una especie de \u00abpolic\u00eda verde,\u00bb va m\u00e1s all\u00e1 de sus funciones y competencias.<\/p>\n<p>A pesar de las dificultades, en el sector financiero somos plenamente conscientes de que el riesgo de \u00abGreenwashing\u00bb es real y nos afecta negativamente. Por esta raz\u00f3n, estamos trabajando arduamente en la implementaci\u00f3n de un sistema de finanzas sostenibles en un tiempo r\u00e9cord, aportando una considerable cantidad de recursos humanos y tecnol\u00f3gicos a esta transici\u00f3n. Adem\u00e1s, hemos establecido alianzas con el objetivo de desarrollar taxonom\u00edas comunes, tanto generales como sectoriales, que definan de manera positiva lo que es sostenible.<\/p>\n<h4 data-fontsize=\"24\" data-lineheight=\"44.88px\"><\/h4>\n<h4 class=\"fusion-responsive-typography-calculated\" data-fontsize=\"24\" data-lineheight=\"44.88px\"><span class=\"ez-toc-section\" id=\"Referencias\"><\/span><strong>References<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p><a href=\"https:\/\/avacum.com\/\" target=\"_blank\" rel=\"noopener\"><strong>Finanzas corporativas en l\u00ednea |\u00a0<\/strong><\/a><a href=\"https:\/\/pdv-a.com\/en\/\" target=\"_blank\" rel=\"noopener\"><strong>Asesoramiento en finanzas corporativas |\u00a0<\/strong><\/a><a href=\"https:\/\/hbr.org\/\" target=\"_blank\" rel=\"noopener\"><strong>Harvard Business Review<\/strong><\/a><\/p>\n<p>&nbsp;<\/p>","protected":false},"excerpt":{"rendered":"<p>El \u00abgreenwashing\u00bb preocupa a reguladores y al sector financiero, amenazando la confianza de los inversores y la sostenibilidad a largo plazo en la UE. Las pol\u00edticas de la Uni\u00f3n Europea sobre finanzas sostenibles ganan relevancia, pero tambi\u00e9n complejidad t\u00e9cnica. La Comisi\u00f3n Europea busca la contribuci\u00f3n de organismos supervisores para abordar el \u00abgreenwashing,\u00bb con un informe esperado en mayo de 2023.<\/p>","protected":false},"author":3,"featured_media":25392,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"rank_math_lock_modified_date":false,"_joinchat":{"telephone":"+525525338703"},"footnotes":""},"categories":[683,268,685,689],"tags":[632,651,597,177],"class_list":["post-25388","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-esg-inversion-sostenible","category-finanzas-corporativas","category-fondos-de-inversion","category-mercados-financieros","tag-economia-global","tag-fondos-de-inversion","tag-mercados-financieros","tag-sustentabilidad"],"_links":{"self":[{"href":"https:\/\/pdv-a.com\/en\/wp-json\/wp\/v2\/posts\/25388","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/pdv-a.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/pdv-a.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/pdv-a.com\/en\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/pdv-a.com\/en\/wp-json\/wp\/v2\/comments?post=25388"}],"version-history":[{"count":6,"href":"https:\/\/pdv-a.com\/en\/wp-json\/wp\/v2\/posts\/25388\/revisions"}],"predecessor-version":[{"id":25393,"href":"https:\/\/pdv-a.com\/en\/wp-json\/wp\/v2\/posts\/25388\/revisions\/25393"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/pdv-a.com\/en\/wp-json\/wp\/v2\/media\/25392"}],"wp:attachment":[{"href":"https:\/\/pdv-a.com\/en\/wp-json\/wp\/v2\/media?parent=25388"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/pdv-a.com\/en\/wp-json\/wp\/v2\/categories?post=25388"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/pdv-a.com\/en\/wp-json\/wp\/v2\/tags?post=25388"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}