OT
Once during my bachelor I had to write a paper and since the prof was highly involged in ESG/ecology/etc., I picked the corporate publishing blog of one of the big chemical corps who back then drumming the bush for getting a specific farming product approved in the country.
So I had to read the whole blog several times, copy citations etc - after 1 week, I believed what they are telling to the public :-D
I think the subject is actually detached from green versus not green.
A company that greenwashes is showing that it’s willing to lie or operate in a false reality, hence the lower stability and performance compared to other firms.
I suspect that firms that “walk the walk” are not just implementing green practices but are more generally managed by principled people that aren’t full of hot air.
A company that greenwashes is a company where the culture tolerates reality distortion. In contrast, the best companies encourage a lack of power distance and a lot more transparency.