Australian regulator slaps first ‘greenwashing’ fine on energy firm

SYDNEY, Oct 27 — 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 (RM163,028) 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. — Reuters