The AMF on the verge of becoming the policeman of the carbon footprint

An amendment to article 23 of the Pacte law provides for giving the AMF the responsibility of evaluating and proposing uniform climate-related methodologies.

The headquarters of the Autorite des Marches Financiers

The Autorité des marchés financiers could soon be given a new mission. An amendment to article 23 of the Pacte law (the action plan for the growth and transformation of businesses will soon be debated in public session in the National Assembly) provides for giving it the responsibility of ” [veiller] the quality of the information provided by investors on their low-carbon strategy and risk management related to the effects of climate change, in particular by evaluating and proposing uniform climate-related methodologies. “

Pursuant to article 173 of the law for energy transition and green growth, institutional investors must now report on how they integrate ESG criteria. But the obligations related to article 173 are interpreted very differently, depending on the actors. For good reason: the law does not oblige investors to publish their carbon footprint or their financial exposure to climate risks. For those who do, it also does not impose a methodology for measuring the carbon footprint of portfolios.

Sustainable finance action plan

The idea is “to specify the functions of the AMF in terms of assessing the low-carbon strategy of investors and the risks associated with climate change and to make Paris the capital of green finance”, explains MP LREM. Bénédicte Peyrol. On March 22, the European Commission published an action plan on sustainable finance, which notably provides for a clarification of the duties of institutional investors and asset managers as well as the development of benchmarks in terms of sustainability. . Strengthening the technical skills of the AMF would thus enable France to be a source of proposals to the commission upstream of the transposition of European regulations.

Likewise, with a view to the harmonization of green fund labels envisaged in the commission’s action plan, MEPs believe that “reflection could be carried out on the role of the AMF in the regulation and control of true “green” labels ”.

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