FILE PHOTO: European Union flags fly outside the European Commission headquarters in Brussels, Belgium, March 6, 2019. REUTERS/Yves Herman/File PhotoMore
BRUSSELS (Reuters) – The European Union agreed on Thursday on a new law that forces asset managers, insurers and pension funds to disclose environmental risks in their investments.
The law is meant to spur green investment and to curb “greenwashing”, a practice whereby companies claim to be more environmentally friendly than they really are.
The agreement reached by EU governments and EU lawmakers will also introduce transparency requirements on the social consequences of investment decisions.
“The EU is today setting out a transparency