This is just the beginning, but the companies surveyed by the Autorité des marchés financiers werethe appointment“: They released their eligibility level for the European Green Label, a new regulation crucial for the development of green finance, according to a report released Wednesday. It is not yet a question of determining whether the activities of a company are sustainable or not, but only to see if they fall within the scope of the European legislation known as green taxonomy, which classifies activities according to the objective of mitigation and adaptation to the climate. change.
For Benoît de Juvigny, secretary general of the MFA, this phase is “an important first brick“Which is part of”a complex regulation»On the publication of data on the non-financial performance of businesses. Out of a sample of 27 listed French companies, including 6 SMEs and ETIs, all published an eligibility percentage for the taxonomy of their turnover and investment expenses and three quarters reported the share of their eligible operating costs, the three key indicators defined by the European Commission. The scope currently includes 13 sectors, covering most greenhouse gas emissions, including transport, energy, manufacturing, finance and even construction.
Challenges that remain to be overcome
If the MFA welcomes “the effortscarried out by companies in this first phase, the stock market watchdog still faces several challenges to overcome, in particular the difficulties in comparing data from one company to another, as well as the need for transparency on the methodology used by each company. The final objective of this European regulation is to direct investments towards environmental transition and virtuous companies in terms of sustainable development. However, all the activities still do not fit perfectly within the frameworks of the currently established rules, which leaves the lion’s share to an interpretation of the companies on their concrete application, interpretations to be explained in the financial statements, insists the MFA.
The second phase will come next year: companies, excluding financial companies, will have to publish their “alignmentto the European Green Taxonomy, that is the percentage of their activity considered eco-sustainable. “Companies still have considerable efforts to achieveto comply with this legislation, concluded De Juvigny, also inviting the European market regulator (ESMA) and the European Commission to continue answering questions relating to the interpretation of the legislation.