At a conference hosted on Thursday 18 October by the French Association of Large Companies (known by its French acronym, AFEP), businesses called upon the European Union to increase their involvement in all discussions and actions under the heading of sustainable finance.
“The challenge is not only to make finance greener but to create a greener economy. We will achieve this goal only if we strongly involve European corporates in this process”, said François Soulmagnon, AFEP's Director General.
The AFEP also called upon the EU to create a permanent framework to improve reporting on environmental matters and, more generally, on non-financial issues, whilst creating the conditions for constructive and balanced dialogue between investors and business.
French companies, furthermore, have already made considerable progress in this field. “Our level of reporting is already extensive and French corporates belong to the best-in-class. We are ready to share our experience and help build a level playing field”, explained Lilliana Franco of Air Liquide.
On the creation of a European taxonomy (see EUROPE 11977) to define the concept of sustainability in the finance sector, they stressed the need for a scrupulous assessment of the consequences of this approach. They argue that taxonomy must not lead to exclusion strategies on the part of investors and must take account of the specifics of the various sectors of activity as well as of businesses' transition efforts underway and planned. (Original version in French by Marion Fontana)