France’s Minister of the Economy, Finance, and Recovery has announced updates to the French Socially Responsible Investment (SRI) label, to be implemented in March 2024. The aim is to make the label more demanding and climate-oriented, with new rules that would effectively exclude most oil and gas companies from SRI-labelled funds. The SRI label was launched in 2016 to allow the general public to invest in savings vehicles that integrate environmental, social, and governance (ESG) principles. Currently, there are nearly 1,200 funds with the SRI label, representing over €770 billion of assets under management. The new rules will require SRI-labelled funds to exclude companies involved in coal or unconventional hydrocarbon exploitation, as well as those launching new oil and gas projects. In addition, companies included in SRI-labelled funds will be required to have a Paris Agreement-aligned transition plan.
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