Tuesday December 17, almost two months after the deadline, the Financial Markets Authority (AMF) finally announced its decision. It will apply the guidelines on the names of green funds issued by its European supervisory authority, after the latter has agreed to “clarify certain application questions”. The European Securities and Markets Authority (ESMA) published guidelines on May 14 to combat greenwashing of supposedly ecological investment products.
These rules, applicable no later than the end of May 2025, provide that the funds named « transition », « social », “governance”allocate at least 80% of their portfolio to environmental, social or sustainable assets. They must also exclude controversial weapons and tobacco. In addition, the funds named “greens”, ” environment “ or « impact » must ban fossil energy.
National stock exchange authorities had to say before October 21 whether they complied with these directives. But while its German and Luxembourg counterparts were getting into trouble, the French Authority let the deadline and demanded « clarifications ». A procedural innovation. On arrival, the institution which manages the leading European financial center obtained these details on December 13, on three sensitive subjects.
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First of these: green bonds, these debt securities supposed to finance the decarbonization of their issuers. Managers feared that depending on the interpretations of the ESMA text, those issued by energy companies that are still very carbon-intensive would be rejected from the funds. « durable ». “Groups like Engie or RWE are among the leading European issuers of these green bonds”deciphers Hortense Bioy, director of research at Morningstar Sustainalytics. Victory of the AMF on this theme: European green bonds remain accepted, ESMA said.
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