In 2015, France arguably led the regulatory way on corporate and investor reporting on climate change in what was once an obscure clause - Article 173 - in a much broader law on energy transition for green growth.
It’s now taken another major step by requiring the country’s financial institutions to publish their alignment to the long-term biodiversity protection goals of some of the world’s most developed soft law frameworks.
The move comes as part of a further tightening of the rules around Article 173 after a consultation was launched in February this year.
The recently published Article 29 of the new Energy-Climate Law revises, clarifies and strengthens those sustainability-related financial disclosures, and importantly seeks to align it to the EU’s new sustainable finance regulations.
Under the new biodiversity reporting rules, French finance institutions must align themselves and their investments to a 2030 time horizon - updated ev…