Greenwashing-related risks: analysis and future perspectives to tackle environmentalism as a form of virtue-signalling.

Companies are giving an increasing attention to the so-called ESG (Environmental, Social and Governance) criteria. Such policy change is a consequence of scientific warning about and environmental issues. If, on one hand, companies may play a significant role in tackling climate change, on the other hand, there is the possibility that their commitment to such criteria may turn out to be a mere façade, bound to crumble and to reveal itself only as a commercial strategy to enhance their reputation towards stakeholders. The same conclusion may be reached for financial operations, where it is essential to provide a clear and precise communication in order to guarantee capitals’ flow in green investments. This paper deals aims to give an overview on such phenomenon, the so-called greenwashing and the related risks, in particular with civil lawsuits, criminal and regulatory risks, even analyzing recent cases that show how harmful this phenomenon can be.