Responsible Investment Association Australasia (RIAA) on LinkedIn: 9 critical lessons from the latest Greenwashing judgment - Responsible… (2024)

Responsible Investment Association Australasia (RIAA) was pleased to be a supporting partner of this week's The Australian Financial Review ESG Summit. Our Co-CEO, Estelle Parker, participated in a panel discussion "Meeting the needs of younger aspirational investors, savers and traders," alongside Ed John, Karen McLeod, and Lucy Dean.The session explored the critical role of ESG investing for young Australians, particularly in light of intergenerational wealth transfer.The conversation highlighted the growing demand for transparency and authenticity in financial markets, with a strong focus on combating greenwashing.🌱Millennials leading the ESG charge The panel discussed the rising demand for ESG-aligned investments, fueled by younger generations, particularly millennials.This group prioritises responsible investing, with a staggering 84% willing to switch providers if their values aren't reflected in their investments – the highest of any age group.🤝Building trust through transparencyEstelle emphasised the growing awareness of greenwashing and the importance of clear, substantiated claims.She drew an analogy: "A lot of the labels and the terms we use are starting to land, similar to how a supermarket shopper expects the ingredients on a can of baked beans to be accurate. ASIC's greenwashing Fact Sheet has played a key role in prompting funds to ensure their claims are well-supported."Estelle highlighted RIAA’s consumer research revealing a growing desire for independent verification. Australians are increasingly wary of greenwashing and seek reliable third-party validation. “It’s gone up from 47% in 2013 of Australians who said they were more likely to invest in a fund that was certified by a third party, to today, it's 79%.” 📸 Peter Rae

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On 28 May 2024, the Australian Sustainable Finance Institute (ASFI) launched the first public consultation for Australia's sustainable finance taxonomy. The consultation period is short, ending Sunday 30 June. To help you understand how this may affect your organisation, and how you can contribute feedback, we will be hosting a webinar exclusive to RIAA members this Thursday 6 June 2024 at 11am AEST.The webinar will cover:👉 Background to ASFI and how a Taxonomy fits with other policy developments.👉 Areas open for consultation.👉 RIAA's approach to this consultation.👉 Tips and ideas for effective engagement with policy.👉 Q&A/ Discussion.Presenting at this webinar will be Estelle Parker, Co-CEO at RIAA and Nayanisha Samarakoon, Head of Policy & Advocacy at RIAA. The presentation excluding the Q&A discussion will be recorded and be made available to members shortly after. Register now: https://lnkd.in/gYuq8ggF#taxonomy #sustainablefinance

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“The last decade has seen an increased focus on environmental, social, and governance (ESG) policymaking and implementation, and a rise in new investment funds to match. The past few years, however, have also exposed ESG fractures in the industry. One of the areas of growing concern is greenwashing,” says Caroline Ramscar, ESG Investment Specialist & Vice President of T. Rowe Price. Learn more about this increasingly important issue in the responsible investment landscape by reading Caroline’s blog below 👇 If you attended the #RIAAconf2024 in May, a link to the session recording on the ‘Learnings from the fight against greenwashing to date’, was sent in an email to attendees. #greenwashing #esg #responsibleinvestment

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“If we as a society, want to be serious about tackling modern slavery, the next step should reach beyond mere disclosure and progress towards human rights due diligence,” says Måns Carlsson OAM, Head of ESG, Ausbil Investment Management Limited and Chair of RIAA’s Human Rights Working Group. In his blog, Måns shares his thoughts on the Modern Slavery Act 2018 (Cth), the importance of human rights due diligence and what institutional investors can do to identify, assess and address modern slavery risk.Read the full blog below 👇 If you attended the #RIAAconf2024, a link to the session recording on ‘Modern slavery risk and reporting: where to from here?’, was sent in an email to attendees. #modernslavery #humanrights #responsibleinvestment

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The Responsible Investment Association Australasia (RIAA) welcomes the launch of the first consultation on Australia’s sustainable finance taxonomy. The consultation is seeking feedback on: • the draft headline ambitions for the Australian taxonomy’s environmental objectives; and • the proposed activities and draft substantive climate change mitigation criteria for the first three sectors to be developed under the taxonomy: 1. Electricity generation and storage. 2. Minerals, mining and metals. 3. The built environment.The process is being overseen by the Australian Sustainable Finance Institute (ASFI). Submissions are due by Sunday 30 June.RIAA Co-CEO Estelle Parker called on interested parties to make a submission and reflected on this milestone in Australia’s sustainable finance policy. “The industry has been working towards this for years, and a lot of work has gone into this draft. RIAA’s CEO co-chaired the Australian Sustainable Finance Roadmap, of which the taxonomy was a key recommendation,” said Estelle. “RIAA is proud to have established ASFI in 2021, which has brought together many great minds of sustainable finance to drive development of the taxonomy.”RIAA will be holding a member event on 6 June to delve deeper into the taxonomy and explore how RIAA members can contribute most effectively. Stay tuned for more information. 👉 Read our full media release: https://lnkd.in/gBzjH_qE #sustainablefinance #taxonomy #policy #responsibleinvestment

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In line with the National Reconciliation Week theme for 2024, ‘Now More Than Ever’, RIAA reiterates its strategic priorities include supporting the rights of First Nations Peoples to self-determination and free, prior and informed consent. Through RIAA’s First Nations Peoples’ Rights Working Group we work to: address and advance the rights of First Nations peoples and others subjected to systemic racism; elevate First Nations peoples’ participation and voices in investment and the Responsible Investment community; and increase access, scale and impact of First Nations peoples’ related investment activity. What can investors do to further the fight for justice and rights of Aboriginal and Torres Strait Islander people? Start by exploring the Dhawura Ngilan Business and Investor Initiative Guides or the RIAA Investor Toolkit: An Investor Focus on Indigenous Peoples’ Rights and Cultural Heritage Protection. The Dhawura Ngilan Business and Investor Initiative Guides are the only First Nations-Led Guides on the Protection of First Nations Cultural Heritage in our region. Launched in March 2024, they have been developed at a time when businesses and investors, are seeking to learn, and put into practice, actions and policies that contribute to the protection of First Nations Cultural Heritage, led by First Nations views. Dhawura Ngilan (Remembering Country) is a vision that embodies the long-held aspirations of Aboriginal and Torres Strait Islander Peoples for their heritage. It aims to collectively work with Aboriginal and Torres Strait Islander Peoples to identify, protect, conserve, present and transmit for future generations the unique heritage of Australia.The RIAA Investor Toolkit: An Investor Focus on Indigenous Peoples’ Rights and Cultural Heritage Protection developed in 2021, was prepared by the Responsible Investment Association Australasia’s (RIAA) Human Rights Working Group (Corporate Engagement subgroup) and the First Nations Peoples’ Rights Working Group, with a focus on helping investors to navigate the issues, to better understand the risks and to contribute to the protection of First Nations cultural heritage which is unique to this country and part of the common legacy of all Australians. #NRW2024 #NowMoreThanEver

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RIAA is pleased to sign the statement by Principles for Responsible Investment, LSEG (London Stock Exchange Group), the WBCSD – World Business Council for Sustainable Development and the United Nations Sustainable Stock Exchanges Initiative – along with 120 investors, stock exchanges, corporates and industry associations – calling on jurisdictions to commit by 2025 to adopting the ISSB standards.The ISSB’s first set of standards are an opportunity to achieve needed harmonisation in corporate sustainability reporting, and to provide investors with better and more comparable data to inform their decisions. We call on Australia and Aotearoa New Zealand to adopt these standards to ensure they are widely and effectively implemented by the market.For more information: https://lnkd.in/ei2UV3dp#SustainabilityReporting #SustainableFinance

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We are a proud supporting partner of The Australian Financial Review’s upcoming ESG Summit which is taking place on June 4 and 5 2024 at the Hilton Sydney. At the summit, the nation’s top corporate leaders, board directors, investors and sustainability professionals will convene to discuss how to shape an even more credible, transparent and impactful new era of ESG in business and finance. RIAA members can receive a 20% discount on individual pass options (both day passes, single day passes or virtual passes). The discount code was sent in a recent Member Wrap newsletter email. For more information about the summit: https://lnkd.in/djitb2vA#ESG #sustainablefinance #responsibleinvestment

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Following last night’s Federal Budget announcement from the Australian Government , Responsible Investment Association Australasia (RIAA) warmly welcomes the government’s commitment to the development of sustainable finance. The 2024-2025 Federal Budget includes funding for a labelling regime for sustainability labels, a significant step forward that aligns perfectly with RIAA's mission and our extensive experience with the Responsible Investment Certification Program."We believe a regime that is informed by RIAA's extensive experience in sustainable investment labelling, can establish a leading practice for Australia," RIAA Co-CEO Estelle Parker said. RIAA, representing 75% of Australia's professionally managed funds through its membership, urges the Australian Government to work with RIAA to use the existing Certification Program– which has a high degree of industry history and ownership - as the basis on which to develop an integrated, interoperable product labelling regime. “This collaborative approach will ensure a smooth transition and build upon the valuable expertise already established within the industry,” added Estelle.👉🏼 Read our media release for more details: https://lnkd.in/errXvnau #SustainableFinance #greenwashing

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