E.S.G. 제도 구축의 관점에서 본 그린워싱(Greenwashing) 현황과 법제개선 방안

The on-going E.S.G. norm setting is still abstract and extensive, without establishing any clear legal concept or category. Nevertheless, the E.S.G. institutionalization discourse is being established with a focus on the corporate non-financial disclosure system. According to the perspective of looking at the criteria for materiality, however, the disclosure of corporate non-financial information is also taking a totally different direction from the integration of global norms according to single materiality criteria versus dual materiality criteria. It raises concerns about washing. In particular, in the field of environmental law, greenwashing has implications in that some regulations have already existed on exaggerated or false labeling and advertising of environment-related products. This article emphasizes the fact that the E.S.G. institutionalization goes beyond simple product production and sales, especially in various bonds and financial fields. The study carefully analyzes greenwashing on green bonds listed on the Korea Exchange (KRX). The study proves that the structure in which washing of green bonds is easy to occur through specific examples. Ultimately, this article strongly suggests that a fundamental institutional alternative must be prepared in line with the global trend of corporate non-financial information disclosure systems, such as the 「Capital Markets Act」, rather than the method approached under the existing environmental laws. First, it is necessary to accurately grasp the integration process of global disclosure standards, while recognizing that the appearance and substance of institutional construction will be determined by the approach to ‘materiality’. Second, E.S.G. disclosure rule setting through individualized strategies according to the size and type of industry and export destination country is urgently required. Third, greenwashing from the existing consumer protection point of view is mainly regulated under environmental laws, while E.S.G. norm requires an approach to improving the law considering washing in a wide range of fields including society and governance in addition to the environment. Fourth, E.S.G. washing ultimately requires a comprehensive set of efficiency, fairness, and reliability of the data management system. Fifth, the self-cleaning function of the disclosure ecosystem must be ensured by establishing clear principles and standards for washing so that clear false disclosures can be sanctioned. Sixth, it is highly necessary to establish a system premised on objectivity, rationality, and transparency through the establishment of an external verification (or third-party verification) system.