From the Corporate Social Responsibility (CSR) and the Environmental, Social and Governance (ESG) Criteria to the Greenwashing Phenomenon: A Comprehensive Literature Review About the Causes, Consequences and Solutions of the Phenomenon with Specific Case Studies

Greenwashing, the phenomenon of misleading stakeholders concerning the environmental sustainability efforts of a company, may undermine the trust of people to a company or to a whole industry and the progress toward sustainability. This paper provides an extensive Literature Review about the evolution of Corporate Social Responsibility (CSR) into Environmental, Social and Governance (ESG) criteria and their relationship with the Greenwashing Phenomenon. It also examines the historical and regulatory contexts, causes, consequences and mitigation strategies of this phenomenon. By analyzing the market distortions and the environmental harm that may be linked to the Greenwashing Phenomenon, the study highlights the need for enhanced regulation, improved transparency and stakeholder vigilance. The methods employed in this paper include a thematic analysis of the literature and qualitative case study comparisons to derive insights into the multifarious impacts of greenwashing. Such case studies provided in this paper concern companies such as Volkswagen, Zara, Coca-Cola and BP.