Australian regulator slaps first 'greenwashing' fine on energy firm

TLOU Energy

27/10/2022 05:26

Oct 27 (Reuters) - 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  TOU.AX 
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.  urn:newsml:reuters.com:*:nASX6QkVs6 
    ($1 = 1.5399 Australian dollars)
 (Reporting by Tejaswi Marthi in Bengaluru; Editing by Sherry
Jacob-Phillips)
 ((Tejaswi.Marthi@thomsonreuters.com;))