In the 2024 financial year, two civil penalty proceedings relating to greenwashing misconduct in Australia were commenced, with one proceeding finalized in August, resulting in the Federal Court ordering Mercer Superannuation Australia Ltd to pay around 11.3 million Australian dollars in civil penalties. Eight infringement notices relating to greenwashing misconduct were also issued during the period, resulting in 123,840 Australian dollars in infringment notices paid. Alongside this, over 30 unfounded claims were corrected or removed by companies.
Civil penalties and infringement notices issued by the ASIC due to greenwashing misconduct in Australia in financial year 2024
During the period, interventions related to discrepancies concerning corporations, managed funds, superannuation funds, and the wholesale green bond market:
Underlying investments inconsistent with disclosed ESG investment screens and policies
Unfounded sustainability claims
Insufficient disclosure on the scope of ESG investment screens and methodologies
Sustainability claims without sufficient detail
The Mercer Superannuation Australia Ltd case was finalized on August 2, 2024.Â
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ASIC. (August 21, 2024). Civil penalties and infringement notices issued by the ASIC due to greenwashing misconduct in Australia in financial year 2024 [Graph]. In Statista. Retrieved January 22, 2025, from https://www.statista.com/statistics/1535293/australia-asic-greenwashing-interventions/?__sso_cookie_checker=failed
ASIC. "Civil penalties and infringement notices issued by the ASIC due to greenwashing misconduct in Australia in financial year 2024." Chart. August 21, 2024. Statista. Accessed January 22, 2025. https://www.statista.com/statistics/1535293/australia-asic-greenwashing-interventions/?__sso_cookie_checker=failed
ASIC. (2024). Civil penalties and infringement notices issued by the ASIC due to greenwashing misconduct in Australia in financial year 2024. Statista. Statista Inc.. Accessed: January 22, 2025. https://www.statista.com/statistics/1535293/australia-asic-greenwashing-interventions/?__sso_cookie_checker=failed
ASIC. "Civil Penalties and Infringement Notices Issued by The Asic Due to Greenwashing Misconduct in Australia in Financial Year 2024." Statista, Statista Inc., 21 Aug 2024, https://www.statista.com/statistics/1535293/australia-asic-greenwashing-interventions/?__sso_cookie_checker=failed
ASIC, Civil penalties and infringement notices issued by the ASIC due to greenwashing misconduct in Australia in financial year 2024 Statista, https://www.statista.com/statistics/1535293/australia-asic-greenwashing-interventions/?__sso_cookie_checker=failed (last visited January 22, 2025)
Civil penalties and infringement notices issued by the ASIC due to greenwashing misconduct in Australia in financial year 2024 [Graph], ASIC, August 21, 2024. [Online]. Available: https://www.statista.com/statistics/1535293/australia-asic-greenwashing-interventions/?__sso_cookie_checker=failed
