Recommandations à l’ACPR et l’AMF

The document urges French financial regulators (ACPR and AMF) to implement stricter oversight of fossil fuel financing, combat greenwashing in ESG products, and integrate climate risks into prudential requirements and fiduciary duties to align the financial sector with a 1.5°C trajectory.

• The authors call for regulators to mandate a total exit from coal by 2030 in EU and OECD countries and by 2040 globally, using tools like the Coal Policy Tool and Global Coal Exit List to ensure consistency and transparency.
• The document proposes a strict common framework for unconventional hydrocarbons, defining them to include shale oil and gas, oil sands, and activities in the Arctic or very deep waters, with a global exit target by 2030.
• To align with the UN Production Gap Report, the authors recommend that regulators push financial actors to stop providing services for new oil and gas projects and to zero out exposure to the oil and gas sector by 2040 in the EU/OECD and 2050 globally.
• The document highlights a high risk of greenwashing due to the growth of ESG funds, noting that 250 European funds were renamed 'ESG' in 2020 and that 1 in 8 financial advertisements from January to July 2020 used sustainable finance arguments.
• The authors suggest using existing powers to sanction misleading communication, arguing that claiming to have exited coal while continuing to finance it constitutes misleading information to the market and clients.
• The ACPR is urged to use prudential levers to mitigate systemic climate risks, including adjusting capital requirements for fossil fuels via the Capital Requirement Regulation and creating a 'systemic risk buffer'.
• The recommendations include protecting clients by banning advertising for financial products heavily invested in fossil fuels and ensuring sustainability preferences are captured clearly and early in the client questionnaire process.
• The document proposes making transition plans aligned with a 1.5°C trajectory mandatory for all financial actors, with reviews every two years and variable remuneration linked to climate criteria.

APA

Reclaim Finance (2021). Recommandations à l’ACPR et l’AMF. https://reclaimfinance.org/site/wp-content/uploads/2021/03/Recommandations-a-lACPR-et-lAMF-RF-IV-AT-OF-GP.pdf

Chicago

Reclaim Finance. Recommandations à l’ACPR et l’AMF. 2021. https://reclaimfinance.org/site/wp-content/uploads/2021/03/Recommandations-a-lACPR-et-lAMF-RF-IV-AT-OF-GP.pdf.

Wikipedia

{{cite press release |author=Reclaim Finance |title=Recommandations à l’ACPR et l’AMF |date=March 2021 |url=https://reclaimfinance.org/site/wp-content/uploads/2021/03/Recommandations-a-lACPR-et-lAMF-RF-IV-AT-OF-GP.pdf |access-date=23 October 2026 |via=Climate Insights Directory}}

BibTeX

@misc{reclaimfinance2021recommandations, author = {{Reclaim Finance}}, title = {{Recommandations à l’ACPR et l’AMF}}, publisher = {Reclaim Finance}, year = {2021}, month = mar, url = {https://reclaimfinance.org/site/wp-content/uploads/2021/03/Recommandations-a-lACPR-et-lAMF-RF-IV-AT-OF-GP.pdf}, urldate = {2026-10-23}, note = {Indexed by Climate Insights Directory} }