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ASIC Fines Energy Firm for Alleged Greenwashing

The Australian Securities and Investments Commission (ASIC) has issued three infringement notices to Australian listed energy firm Black Mountain Energy. ASIC claims that Black Mountain Energy had made misleading statements in three Australian Securities Exchange (ASX) announcements regarding a natural gas development project. Black Mountain Energy claimed it was creating a natural gas development project – Project Valhalla – with ‘net-zero carbon emissions’. However, the regulator said it was concerned that Black Mountain either did not have a reasonable basis to make the representations, or that the representations were factually incorrect. Black Mountain Energy has paid US$28,000 to comply with three infringement notices. Including the actions against Black Mountain, ASIC has issued eight infringement notices for alleged greenwashing.  Sarah Court, ASIC Deputy Chair, said: “ASIC will continue to closely monitor sustainability claims and take action where we consider representations cannot be substantiated or are factually incorrect.”

 

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