The Australian government has fined Tlou Energy for ‘greenwashing’ for the first time.
As a result of Tlou Energy’s “factually inaccurate” statements about its environmental credentials, Australian Securities and Investment Commission (ASIC) fined it $53,280 (€34,260).
The company – which develops power projects in sub-Saharan Africa – claimed that the electricity it produced would be carbon neutral and that its gas projects would be “low emissions”.
Also, Tlou claimed it had environmental approval and was capable of generating solar energy.
However, the corporate regulator has cast serious doubt on these claims.
“ASIC was concerned that Tlou either did not have a reasonable basis to make the representations, or that the representations were factually incorrect,” the regulator said in a statement.
On Thursday, Tlou Energy said it did not break any rules but still agreed to pay the fine.