БОРБА ПРОТИВ „ЗЕЛЕНОГ ОБМАЊИВАЊА“ ПОМОЋУ ИЗВЕШТАВАЊА О ОДРЖИВОСТИ И ФОРЕНЗИЧКОГ РАЧУНОВОДСТВА
COMBATING GREENWASHING THROUGH SUSTAINABILITY REPORTING AND FORENSIC ACCOUNTING

Author(s): Dragan Đuričin
Subject(s): Energy and Environmental Studies, Financial Markets, Socio-Economic Research, Green Transformation
Published by: Savez računovođa i revizora Republike Srpske
Keywords: Serbia; polycrisis; polytransition; climate change; green transition; sustainability; green financing; greenwashing; sustainability reporting; integrated performance measurement system; forensic accounting;
Summary/Abstract: The completion of the green transition and the build-up of a sustainable economy adaptive to climate change primarily require changes in performance measurement systems through the inclusion of negative external effects, as well as corresponding adjustments in the financing of the green transition, particularly with respect to climate-related risk assessment. Both changes ensure that financial flows and stocks are aligned with the sustainable development goals (17 UN SDGs) and the sustainability goals relevant to individual business entities (ESG), thereby enabling the development of a circular growth model with net-zero greenhouse gas emissions by 2050 and a climate-neutral growth pathway. This, in turn, requires integrated reporting, namely, the simultaneous reporting of financial performance and environmental impact, or sustainability. Both perspectives are closely related to the issue of greenwashing. Specifically, answering the question of how the climate alignment of financing is assessed requires, among other things, a set of complementary metrics to address greenwashing risk. In accounting there are two main approaches to preventing greenwashing: integrated performance reporting and forensic accounting. These approaches are complementary. To eliminate gaps in understanding and restore an accurate picture, forensic accounting must cover all layers of the financial system: investments in the real economy, financial assets across various asset classes, financial institutions, and regulators. Following the previous line of reasoning, the paper is organized around six fundamental issues. Part 1 examines the relationship between polycrisis and polytransition, commonly referred to as the „green transition“. Part 2 addresses the level of completion of the green transition. The key focus of Part 3 is the impact of green financing and asymmetric information on greenwashing. Part 4 is dedicated to greenwashing per se. Parts 5 and 6 deal with the main approaches to combating greenwashing, integrated performance reporting and forensic accounting, respectively. The paper closes with a conclusion.

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