2022-11-30 23:00:00
The joint European media investigation into the greenwashing investments (or greenwashing, which gives the public a misleading ecological image) confirm the questions of the latest report of the Senate Business Delegation “Make CSR an ambition and an asset for every company” of Martine Berthet (The Republicans – Savoy), Florence Blatrix Contat (Socialist, Ecologist and Republican – Ain) and Jacques Le Nay (Union Centriste – Morbihan), adopted on 27 October. These “green” investments remain marginal and represent only 1.3% of the 619 billion euros of funds marketed in Europe. This controversy however, there is a risk of tarnishing the virtuous process of corporate social responsibilityboth financial and non-financial.
Without questioning the need to invest in the fossil fuel sectors, in order, on the one hand, to make a still-carbon economy workand, on the other hand, finance innovative production processes aimed at decarbonizing themthese investigations validate the questions of the senators:
- While the ESG (Environment, Social, Governance) approach must be global and concern these three aspects, assets can be selected by investment funds even though they do not result in any effort in favor of the environment;
- The legal uncertainties relating to the implementation of the SFDR directive (Sustainable Finance Disclosure Regulation, on the publication of sustainability information in the financial services sector) underline the complexity of European regulations, including for professionals such as asset managers;
- The functioning of the ESG rating assigned by rating agencies can lead to these aberrations, far “guarantees of rigorous and transparent rating processes”requested by the Autorité des marchés financiers in December 2020.
This is the reason why the Senate Business Delegation asked, in its report, to entrust the European Securities and Markets Authority with the public assessment of ESG information.
“We await with interest the conclusions of the working group led by Michèle Pappalardo on the reform of the SRI label (“socially responsible investment”), the fragility of which was highlighted in a report by the General Inspectorate of Finance in December 2020 when it is a public label that engages the credibility of the State. To regain investor confidence, il need a solid definition of sustainable investingtake into consideration the dual materiality, financial and extra-financial, balance ESG criteria, truly take into account the climate objective, consider a system of gradationand finally adapter the repository for the different types of financial products” estimated Serge Babary (Les Républicains – Indre-et-Loire), Chairman of the Business Delegation.
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