Following an initial report published at the end of 2020, the L’Autorité de contrôle prudentiel et de résolution (ACPR) et l’Autorité des marchés financiers (AMF) published an integral report (in French) on the monitoring and evaluation of financial institutions’ commitments to implementing climate-related recommendations, further presenting its analyses and evaluations shared in its October 2021 Pre-report (read AMEIS’ brief).

The report highlighted that financial institutions continue to widely state their commitment to climate-related objectives, often putting forward policies such as shareholder engagement or divestment and exclusion policies as factors in support of their climate-related undertaking.

However, the course of action and scope of engagement across different organisations remain difficult to compare and evaluate. The report encourages financial institutions to facilitate an understanding of and monitoring of commitments by communicating objectives and a framework for meeting them with clear deadlines.

In addition, the methodologies used to calculate exposure to fossil fuels (oil and gas) vary and the report calls on financial institutions to strengthen efforts to provide transparent and homogeneous reporting, enabling comparability.