Australian regulator slaps first ‘greenwashing’ fine

Australia’s corporate watchdog has fined an energy company for ‘greenwashing’, or exaggerated claims regarding environmentally friendly investments, making it the regulator’s first time to crack down on such a misconduct. The Australian Securities and Investment Commission had imposed a fine of A$53,280 ($34,600.03) on Tlou Energy over statements that the electricity produced by the company would be carbon-neutral, and that its gas-to-power project would be “low emissions”. ‘Greenwashing’ is a practice of misrepresenting the extent to which an investment or a financial product is environment-friendly and sustainable. Tlou Energy said on Thursday it did not break any rules, but still agreed to pay the fine.