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Why in the News?
UN Secretary-General Antonio Guterres acknowledged ‘greenwashing’ at the ongoing COP27 climate meeting in Sharm el-Shaikh, Egypt.
Key Points:
About Greenwashing
- Greenwashing is an unsubstantiated claim to deceive consumers into believing that a company’s products are environmentally friendly.
- It presents a false picture of the progress being made on the climate change front.
- Example:
- Volkswagen Diesel gate scandal
Ethical Issue Involved
- Misleads investors and consumers that are genuinely seeking environmentally friendly companies or products.
Impact of Greenwashing:
- Boost carbon-emitting business.
- Brand degradation.
- Promote bad practices.
