Page 51 - Banking Finance December 2023

ARTICLE

Use clear and specific language in marketing materials
and communications
Establish clear sustainability goals and metrics to track
progress over time.
Develop and implement sustainable practices that
reflect a genuine, long-term commitment to reducing
environmental impacts
Invest in Research and Development
Engage Stakeholders in sustainability initiatives

Have a plan in place for handling potential
greenwashing accusations
Educate your marketing and communication teams
Reputation Damage: Once greenwashing practices are about the importance of accurate environmental claims
exposed, companies risk damaging their reputation and and the potential consequences of greenwashing.
credibility. This can result in public backlash, legal
actions, and loss of customer loyalty. Greenwashing can mislead consumers who want to make
Regulators and government agencies may take action environmentally responsible choices by making it difficult to
against companies that engage in deceptive marketing discern genuinely sustainable products from those that are
practices, leading to potential fines and legal only pretending to be. To counter greenwashing, consumers
consequences. can look for third-party certifications from reputable
organizations, do their own research on a company's
Market Distortion: Greenwashing can create an uneven environmental practices, and critically evaluate claims made
playing field in the market. Companies that genuinely in advertising materials.
invest in sustainable practices may struggle to compete
with those that use deceptive marketing tactics to
The term "greenwashing" serves as a reminder that
appear environmentally responsible.
businesses should be held accountable for their
environmental practices and that genuine efforts toward
Mitigation of Risks Associated with sustainability require more than just superficial marketing
Greenwashing: tactics. It emphasizes the importance of responsible and
ethical behaviour in addressing environmental concerns.
Mitigating the risks associated with greenwashing involves
adopting transparent, accountable, and genuinely
sustainable practices. Some strategies to mitigate risks References:
associated with greenwashing include: 1. www.rbi.org
Commit to Genuine Sustainability 2. www.nrdc.org
3. www.investopedia.com
Provide accurate and complete information about the 4. www.techtarget.com
environmental impacts of products, services, and 5. www.earth.org
practices 6. www.corporatefinanceinstitute.com

Canara Bank introduces WhatsApp channel
Public sector undertaking Canara Bank launched several new products and services on the occasion of 118 Founder’s
Day. The latest launch includes corporate ai1 to cater to the diverse needs of the corporate customers of the bank.
This will allow them to perform banking transactions through corporate internet banking and on the ‘Canara ai1
Corporate’ app interchangeably, a Whatsapp banking channel, to provide 18 services, such as balance enquiries and
mini statements, via a Hi/Hello message on 9076030001.

46 | 2023 | DECEMBER | BANKING FINANCE