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25 September 2023

Promoting more sustainable finance

Climate urgency is an absolute priority, confirming the relevance of the AMF's pioneering position with respect to sustainable finance. Finance must contribute to the transition to a more sustainable economy. Sustainable finance is an integral part of all the AMF’s missions and activities.

The AMF’s commitment for sustainable finance

In the framework of our strategic guidelines "Impact 2027", promoting a more sustainable finance is one of the AMF’s  thematic priorities. As of 2018, the AMF made sustainable finance one of its priorities, adding to its #Supervision2022 strategic plan a dedicated roadmap stressing the regulator's role in providing support for and supervision of market participants (issuers, fund managers, distributors). This effort enabled the AMF and the French marketplace to take the lead in this field, which corresponds to a major expectation of investors, and of society as a whole.

Our priorities for 2023

To improve the regulatory framework for sustainable finance and fight against greenwashing, the AMF works on multiple fronts:

  • accompany issuers in implementing the European Taxonomy and set up the new sustainability reporting standards;
  • clarify the existing regulatory requirements and specify the operational implications for financial market participants in order to ensure their proper implementation and prevent greenwashing;
  • promote the quality of sustainable finance information and ensure the satisfactory quality of the non-financial information published by the market participants involved;
  • encourage the training of financial intermediaries and advisers and promote retail investors' financial education in terms of sustainability.

Coordination and launch of a commission

To implement its numerous sustainable finance actions, the AMF created a Strategy and Sustainable Finance Unit in November 2018. This unit works on prospective and emerging issues in relation to environmental, social and governance (ESG) topics, develops ties with the Paris financial centre on sustainable finance and coordinates a multidisciplinary task force drawn from the various AMF Directorates.

To support its work in monitoring climate commitments, the AMF created the Climate and Sustainable Finance Commission (CCFD), in July 2019 bringing together various stakeholders on the subject of sustainable finance: financial market experts, members from the business world, civil society and academia. The Commission's remit is to provide technical expertise and a forum for exchanges and work to promote the development of sustainable finance.

The AMF’s participation in European and international projects

The AMF is a member of Coordination Network on Sustainability (CNS) and a member of the working group dedicated to the prevention greenwashing which are both part of ESMA. It is also a member of the Sustainable Finance Task Force of the International Organization of Securities Commissions (IOSCO). In addition to these two dedicated committees, sustainable finance issues are also addressed in a number of additional committees, depending on the topics and players involved. This international mobilisation enables the AMF to be a driving force behind the finalisation of the regulatory framework, in order to achieve a coherent, high-quality set of rules.

Partner of the Finance ClimatAct initiative

The AMF is a member of the Finance ClimAct initiative, a project backed by the European Union, which mobilises several public and private players of the Paris financial centre in the framework of the European Green Deal and the EU’s sustainable finance strategy.  With the Green Deal announced in 2019, the European Commission's aim is to rapidly steer investment towards a zero-carbon economy by 2050, resilient to climate change. The project is coordinated by the French Agency for the Environment and Energy Management (ADEME) and enables the AMF to strengthen its resources and expertise in the field of climate and sustainable finance.