Asia and Australia target greenwashing as companies risk penalties

HONG KONG - Having pressured South Korean oil giant SK E&S into retracting claims it would produce carbon-free gas, ex-fossil fuel lawyer turned climate advocate Jihyeon Ha now wants tougher action against corporates in a greenwashing crackdown in Asia-Pacific.

“Massive gas projects will have serious, irreversible impacts on the climate, contrary to their ‘CO2-free’ claims,” 35-year-old Ha said in an interview. Globally, greenwashing is in the spotlight, with United Nations experts issuing a warning at last year’s COP27 climate summit about its prevalence, and new standards on environmental, social and governance credentials currently under consideration by an international body.

Despite growing global momentum to curb greenwashing, financial and green analysts say the fact there are several ESG and sustainability standards mean that even defining the problem, let alone finding consensus on it, is difficult. A Mercer spokesperson said it has cooperated with the ASIC but could not comment further because of the court action.

And ESG experts say more governments in Asia-Pacific - the world’s fastest-growing region and top consumer of fossil fuels - ranging from Hong Kong to India are implementing or working on sustainability, transparency, and anti-greenwashing regulations.

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