On 14 January 2026, the European Securities and Markets Authority (ESMA) issued a thematic note on sustainability-related claims, focusing on ESG strategies.

The thematic note contains four principles for making sustainability claims to ensure that all claims are clear, fair, and not misleading and thereby avoid the risk of greenwashing. The principles do not create new disclosure requirements but aim to remind market participants about their responsibility to make claims only to the extent that they are clear, fair and not misleading.

References to ESG strategies, notably to ESG integration and ESG exclusions are often made by market participants and widely referenced in marketing communications aimed at retail investors. The thematic note also focuses on the way these two types of ESG strategies are described, communicated to investors and includes observed market practices.