The obligation on French institutional investors, insurers included, to publish their climate and biodiversity exposure under a prescribed framework.
Article 29 of the French Energy and Climate Act of 8 November 2019 requires French institutional investors, insurers and mutuals above an assets threshold among them, to publish a detailed annual account of how they take environmental, social and governance criteria into account. The text is more demanding than most European equivalents on three points. It requires an alignment strategy with the Paris Agreement carrying quantified targets on a defined horizon, a separate biodiversity strategy, a subject most frameworks left aside, and publication of the share of assets aligned with the European taxonomy. It succeeds Article 173 of the 2015 energy transition act, which was the first in the world to impose disclosure of this kind but left the format free, a weakness that made reports incomparable. Moving from a free format to a prescribed framework is precisely what gives the exercise its value, since information that cannot be compared exerts no pressure.
Article 29 of Law no. 2019-1147 of 8 November 2019, as detailed by Decree no. 2021-663 of 27 May 2021, requires French institutional investors to publish annually an alignment strategy with the Paris Agreement and a separate biodiversity strategy.
article 29 LEC, rapport article 29, reporting extra-financier des investisseurs