The Banque de France confirms that it is meeting its climate commitments

The Banque de France is in line with the objectives it has set for 2021 in the fight against climate change, according to its first report published on Monday.

The central bank mentions 1.6 billion euros invested in green bonds and 355 million euros in funds dedicated to sustainable themes last year.

It has also started cleaning up its portfolio by excluding issuers for which more than 2% of turnover was linked to thermal coal and 10% to unconventional hydrocarbons, quantifying its direct and indirect greenhouse gas emissions.

We have no particular difficulties with our plan for the moment, assured AFP the director general of financial stability and operations Nathalie Aufauvre, also president of the Center on climate change of the institution.

The Banque de France had undertaken to publish such a report on the occasion of COP26, which met a year ago in Glasgow.

This approach stems from a concern for transparency vis–vis the public and our peers, in a context of heightened expectations concerning the extra-financial reporting of companies, explains Governor Franois Villeroy de Galhau, in the introduction to the document.

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This is important because this is exactly what banks and the financial sector in the broad sense are being asked to do, underlined Ms Aufauvre, in particular via the Prudential Control and Resolution Authority (ACPR) of which she is responsible charge.

The criteria and objectives were decided by the bank itself. Their list will grow.

The first of its kind for the central bank, this exercise is intended to be repeated, with the aim of progressive improvement in its scope and precision, the governor said.

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