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This report by Transforma analyzes 'greenhushing'—the practice of minimizing or silencing climate achievements to avoid scrutiny—within the Colombian financial sector. Based on interviews with five issuers and two investors, the document identifies key drivers of this behavior, including fear of scrutiny over imperfect data, the desire to protect competitive advantages, and high market expectations for quantitative metrics. It concludes that while greenhushing is less prevalent in Colombia than globally due to a lack of climate litigation and progressive regulation, technical gaps and a preference for perfection over transparency still hinder climate disclosure.