Al Gore warned that the “the mounting threat of greenwash” poses a significant and increasing risk to a successful transition away from fossil fuels. “There remains a yawning gap between long-term climate goals and near-term action plans” at both the corporate and government levels, the former U.S. vice president said, adding that the chasm encompasses more than just environmental issues. “Large emitters must increase their climate ambitions with renewed credibility and urgency. Likewise, developing countries urgently need substantial support on vaccine access, climate finance and debt relief.”
At the same time, sustainable investing has “entered the mainstream,” providing even more openings for potential greenwashing, said Gore, 73, currently chairman of Generation Investment Management. “We must be vigilant about the rising threat of greenwashing or risk derailing hard-won progress” that has been made in recognizing the climate crisis, he said. Generation Investment has just published its fifth annual assessment about the transition to a sustainable economy. It cites data from national consumer protection authorities, which estimate that 42% of environmental claims have been “exaggerated, false or deceptive,” and might even violate fair practice rules established by the European Union. Separately, Gore’s firm said data from Climate Action 100+ show that about 53% of the 159 companies it tracks–which includes the world’s largest emitters of greenhouse gases–don’t have appropriate short-term targets for net-zero emissions. To view the full article visit Financial Post.