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French Watchdogs Criticize Bank Climate Pledges as Vague

  • Banks faulted for oil and gas policies that lack consistency
  • Criticism comes ahead of next week’s COP26 climate talks

Financial regulators in France have criticized the country’s banks, insurers and asset managers for making a series of hard-to-measure climate commitments in the lead-up to the COP26 summit in Scotland next week.

The financial industry needs to agree on common definitions to measure its exposure to fossil fuels, according to Autorite des Marches Financiers (AMF) and Autorite de Controle Prudentiel et de Resolution (ACPR), which issued a joint report on Tuesday. The goal should be to include the entire value chain, according to the report.