PRESS RELEASE: French Government Announces The International Climate Reporting Awards

FRENCH GOVERNMENT ANNOUNCES THE INTERNATIONAL CLIMATE REPORTING AWARDS

Brune POIRSON, Minister of State to the Minister for the Ecological and Inclusive Transition, is pleased to announce the second edition of the climate-related reporting awards for investors. Launched for the first time in 2016, this new edition, to be awarded in September 2019, will reward good practices in climate reporting by financial institutions.

« The climate-related disclosure regulations put in place since 2015 with Article 173 have led to a deep reflection about the environmental impact of organizations’ activities. France is proud to reintroduce and organize this international award to recognise investors who understand the climate urgency and associated reporting requirements. It is a fantastic opportunity for French and international organisations to demonstrate their leadership in climate-related reporting.”, noted Brune Poirson.

For companies as for investors, "extra-financial reporting" should reflect the actions taken to reduce the negative environmental and social consequences of their activities, while improving the transparency of the business. This may include explaining how an organization considers the financial risks associated with climate change in its investment strategy.

Climate reporting is usually part of official periodic document, traditionally annual, that a company or an investor publishes to present its actions on environmental, social and quality governance issues (so-called ESG criteria). Its content can be set by regulations, as is the case in France.

This award is jointly organised by the French Environment and Energy Management Agency (ADEME), the General Commissionner for Sustainable Development (CGDD) of the French Ministry for the Ecological and Inclusive Transition, and the think tank 2° Investing Initiative (2°ii) with the support of the European Sustainable Investment Forum (Eurosif) and the European Commission Directorate-General for Financial Stability, Financial Services and Capital Markets Union (DG FISMA).

The awards will be granted by an independent jury which includes ADEME’s CEO Arnaud Leroy, the CGDD General Commissioner Laurence Monnoyer-Smith, FISMA’s Director General Olivier Guersent, and Eurosif’s Chairman Will Oulton.

Arnaud LEROY, ADEME President, said: “The 2019 Awards will build on the ongoing work of the European Commission and will seek to recognise a number of recent developments in climate-related reporting, including Article 173 in France, the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD), the EU Non-Financial Reporting Directive, as well as the significant wider European and global national reporting requirements.”

Stan Dupré, CEO of 2°ii, noted that: “We are honoured to help lead the recognition of best practice in corporate reporting. France continues to build its global leadership position in this field, and we are delighted to be able to build on our 2016 role.”

Will OULTON, Chairman of Eurosif said “in order to make well informed investment decisions, fiduciaries require appropriate high-quality disclosures. I welcome these awards as they will provide an incentive for better climate reporting in Europe and beyond”.

Olivier GUERSENT, FISMA's Director General said " The EU is implementing a strategy for a financial system that supports the EU's climate and sustainable development agenda. These awards should encourage better climate-related reporting by financial institutions".

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Charlene Cranny
Interim Chief Operations Officer
Email: Charlene.cranny@eurosif.org

About CGDD
The General Commission for Sustainable Development (CGDD) is one of the General Directorate of the French Ministry for the Ecological and Inclusive Transition (MTES). Set up in 2008, the CGDD sheds light and fuels, through the production of data and knowledge, the action of the ministry in all its areas of expertise. It produces statistical information, is in contact with the academic world and mobilizes research and foresight work in the service of public policies. To facilitate the implementation of transition policies, it proposes innovative public intervention tools for economic actors and civil society. The CGDD's modes of action are based on openness of data, environmental information, environmental dialogue, but also on work on environmental taxation and green finance. Thanks to its transversal positioning, the CGDD contributes to give a global perspective to the action of the ministry. It also detects weak signals, proposes and clears emerging issues to put on the agenda of ministerial action. The Commissioner General for Sustainable Development, Laurence Monnoyer-Smith, is also an interdepartmental delegate for sustainable development. In this capacity, she leads and coordinates the action of the State's administrations in favour of sustainable development, with the support of senior officials in sustainable development (HFDD) appointed by each ministry.

About 2°ii
The 2° Investing Initiative (2°ii) was set up in 2012 and its mission is to align financial markets with the goals of the Paris Agreement. It has since become a pioneering think tank – with offices in Berlin, Paris, London and New York – on the integration of long-term risks and policy objectives into financial markets and regulatory frameworks. Over the past few years, 2°ii has led one of the largest global research programmes on long-term risks in financial markets, working with over 50 research partners. It developed the first scenario analysis tool linking financial portfolios to the 2°C climate goal – the so-called Paris Agreement Capital Transition Assessment (PACTA) tool – which has been applied by over 400 institutional investors, as well as several financial supervisors, including the California Insurance Commissioner’s Office and the Swiss government. The tool is also supported by the Principles for Responsible Investment.
In addition, 2°ii co-initiated the first climate-related financial regulation in Europe – Article 173 of France’s Energy Transition law – which made climate change-related reporting for asset owners and asset managers mandatory. A core principle of 2°ii’s mission is to reduce the transaction costs across companies, financial institutions and policymakers, while guiding financial markets towards the long-term future.

About ADEME
The French Environment and Energy Management Agency (ADEME) is active in the implementation of public policy in the areas of the environment, energy and sustainable development. The agency provides expertise and advisory services to businesses, local authorities and communities, government bodies and the public at large to enable them to establish and consolidate their environmental actions. As part of this work, ADEME helps to finance projects, from research to implementation, in the areas of waste management, soil conservation, energy efficiency and renewable energy, raw materials savings, air quality, noise abatement, the transition to a circular economy and food waste abatement. ADEME is a public agency under the joint authority of the Ministry for an Ecological and Solidary Transition and the Ministry for Higher Education, Research and Innovation.

About Eurosif
Eurosif is the leading pan-European sustainable and responsible investment (SRI) membership organisation whose mission is to promote sustainability through European financial markets. Eurosif works as a partnership of Europe-based national Sustainable Investment Fora (SIFs) with the direct support of their network which spans over 400 Europe-based organisations drawn from the sustainable investment industry value chain.
These organisations include institutional investors, asset managers, financial services, index providers and ESG research and analysis firms totalling over €8 trillion in total assets. Eurosif is also a founding member of the Global Sustainable Investment Alliance, the alliance of the largest SIFs around the world. The main activities of Eurosif are public policy, research and creating platforms for nurturing sustainable investing best practices.

www.eurosif.org

Eurosif’s EU Transparency registration number with the European Commission is 70659452143-78.

Eurosif aisbl
Avenue Adolphe Lacomblé 59
B-1030 Brussels
Telephone: +32 (0)2 274 14 35

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