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France prohibits ESG funds from investing in growing fossil fuel producers (2023)
| Environmental, social, and corporate governance |
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The French government announced last week that investment funds in the country that call themselves ESG-friendly (that receive the SRI label under French law) will have to divest from fossil fuel companies “that are expanding production.”
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Finance Minister Bruno Le Maire said excluding oil and gas companies with expansion plans is “essential” to fighting climate change, according to a statement on Tuesday. The change will make it easier for green investors to know what they’re really getting, he said. … France joins Belgium in taking a tougher stance on fossil fuel investments. The Belgian Central Labeling Agency said earlier this year that companies held in ESG funds can’t be involved in exploration or development of new fields. … The French government’s decision to crack down on fossil-fuel companies follows a two-year review of the SRI label criteria, which faced criticism from members of the finance industry including Amundi SA, Europe’s biggest asset manager.[1] |
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See also
- Environmental, social, and corporate governance (ESG)
- Economy and Society: Ballotpedia's ESG newsletter
External links
Footnotes
- ↑ Note: This text is quoted verbatim from the original source. Any inconsistencies are attributable to the original source.
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