{"id":8023,"date":"2021-01-18T20:21:01","date_gmt":"2021-01-18T19:21:01","guid":{"rendered":"https:\/\/reclaimfinance.org\/site\/?p=8023"},"modified":"2023-03-03T12:03:38","modified_gmt":"2023-03-03T11:03:38","slug":"quitting-fossil-fuels-the-comeback-of-the-banque-de-france","status":"publish","type":"post","link":"https:\/\/reclaimfinance.org\/site\/en\/2021\/01\/18\/quitting-fossil-fuels-the-comeback-of-the-banque-de-france\/","title":{"rendered":"Quitting fossil fuels: the comeback of the Banque de France"},"content":{"rendered":"<div class=\"fusion-fullwidth fullwidth-box fusion-builder-row-1 nonhundred-percent-fullwidth non-hundred-percent-height-scrolling\" style=\"--awb-border-radius-top-left:0px;--awb-border-radius-top-right:0px;--awb-border-radius-bottom-right:0px;--awb-border-radius-bottom-left:0px;--awb-flex-wrap:wrap;\" ><div class=\"fusion-builder-row fusion-row\"><div class=\"fusion-layout-column fusion_builder_column fusion-builder-column-0 fusion_builder_column_1_1 1_1 fusion-one-full fusion-column-first fusion-column-last\" style=\"--awb-bg-size:cover;--awb-margin-bottom:0px;\"><div class=\"fusion-column-wrapper fusion-flex-column-wrapper-legacy\"><div class=\"fusion-text fusion-text-1\"><p style=\"color: rgb(89, 188, 109);\"><i><u>Following the publication of its new policy, the Banque de France, when asked by Reclaim Finance, clarified that :<\/u><\/i><\/p>\n<p style=\"color: rgb(89, 188, 109);\">\n<ul>\n<li><i>Its exclusion threshold for unconventional hydrocarbons applies to the exploration and exploitation of hydrocarbons. <\/i><\/li>\n<li><i>Opposition to any new fossil project has been included in the voting policy and &#8211; in the absence of a specific resolution &#8211; will result in a vote against the approval of the company&rsquo;s accounts.<\/i><\/li>\n<\/ul>\n<p style=\"text-align: justify;\"><b><span style=\"color: #8ac56b;\" data-contrast=\"none\">Monday 18 <\/span><\/b><b><span style=\"color: #8ac56b;\" data-contrast=\"none\">January<\/span><\/b><b><span style=\"color: #8ac56b;\" data-contrast=\"none\"> 2021 &#8211; The <\/span><\/b><b><span style=\"color: #8ac56b;\" data-contrast=\"none\">French central bank \u2013 Banque de France &#8211; <\/span><\/b><b><span style=\"color: #8ac56b;\" data-contrast=\"none\">just<\/span><\/b><b> <\/b><b><span style=\"color: #8ac56b;\" data-contrast=\"none\">published<\/span><\/b><b><span style=\"color: #8ac56b;\" data-contrast=\"none\"> a <\/span><\/b><u><b style=\"color: #8ac56b;\"><\/b><a href=\"https:\/\/www.banque-france.fr\/communique-de-presse\/politique-dinvestissement-responsable-renforcement-des-exclusions-en-matiere-denergies-fossiles\"><b><span style=\"color: #8ac56b;\" data-contrast=\"none\">new <\/span><\/b><b><span style=\"color: #8ac56b;\" data-contrast=\"none\">policy<\/span><\/b><\/a><b style=\"color: #8ac56b;\"><\/b><\/u><b> <\/b><b><span style=\"color: #8ac56b;\" data-contrast=\"none\">drastically<\/span><\/b><b> <\/b><b><span style=\"color: #8ac56b;\" data-contrast=\"none\">reducing<\/span><\/b><b> <\/b><b><span style=\"color: #8ac56b;\" data-contrast=\"none\">its<\/span><\/b><b> <\/b><b><span style=\"color: #8ac56b;\" data-contrast=\"none\">investments<\/span><\/b><b><span style=\"color: #8ac56b;\" data-contrast=\"none\"> in the <\/span><\/b><b><span style=\"color: #8ac56b;\" data-contrast=\"none\">fossil<\/span><\/b><b><span style=\"color: #8ac56b;\" data-contrast=\"none\"> fuel <\/span><\/b><b><span style=\"color: #8ac56b;\" data-contrast=\"none\">sector<\/span><\/b><b><span style=\"color: #8ac56b;\" data-contrast=\"none\">. <\/span><\/b><b><span style=\"color: #8ac56b;\" data-contrast=\"none\">By doing so, the Banque de France caught up with and went further <\/span><\/b><b><span style=\"color: #8ac56b;\" data-contrast=\"none\">private<\/span><\/b><b> <\/b><b><span style=\"color: #8ac56b;\" data-contrast=\"none\">financial<\/span><\/b><b> <\/b><b><span style=\"color: #8ac56b;\" data-contrast=\"none\">players<\/span><\/b><b><span style=\"color: #8ac56b;\" data-contrast=\"none\">,<\/span><\/b><b><span style=\"color: #8ac56b;\" data-contrast=\"none\"> it now <\/span><\/b><b><span style=\"color: #8ac56b;\" data-contrast=\"none\">plans<\/span><\/b><b><span style=\"color: #8ac56b;\" data-contrast=\"none\"> on<\/span><\/b><b><span style=\"color: #8ac56b;\" data-contrast=\"none\"> exiting coal and<\/span><\/b><b> <\/b><b><span style=\"color: #8ac56b;\" data-contrast=\"none\">e<\/span><\/b><b><span style=\"color: #8ac56b;\" data-contrast=\"none\">xcluding<\/span><\/b><b> <\/b><b><span style=\"color: #8ac56b;\" data-contrast=\"none\">oil and gas <\/span><\/b><b><span style=\"color: #8ac56b;\" data-contrast=\"none\">companies<\/span><\/b><b> <\/b><b><span style=\"color: #8ac56b;\" data-contrast=\"none\">such<\/span><\/b><b><span style=\"color: #8ac56b;\" data-contrast=\"none\"> as Total <\/span><\/b><b><span style=\"color: #8ac56b;\" data-contrast=\"none\">from<\/span><\/b><b> <\/b><b><span style=\"color: #8ac56b;\" data-contrast=\"none\">its<\/span><\/b><b> <\/b><b><span style=\"color: #8ac56b;\" data-contrast=\"none\">investments<\/span><\/b><b> <\/b><b><span style=\"color: #8ac56b;\" data-contrast=\"none\">by<\/span><\/b><b> <\/b><b><span style=\"color: #8ac56b;\" data-contrast=\"none\">2024. Reclaim Finance <\/span><\/b><b><span style=\"color: #8ac56b;\" data-contrast=\"none\">welcomes<\/span><\/b><b><span style=\"color: #8ac56b;\" data-contrast=\"none\"> the <\/span><\/b><b><span style=\"color: #8ac56b;\" data-contrast=\"none\">b<\/span><\/b><b><span style=\"color: #8ac56b;\" data-contrast=\"none\">ank&rsquo;s<\/span><\/b><b> <\/b><b><span style=\"color: #8ac56b;\" data-contrast=\"none\">bold<\/span><\/b><b> <\/b><b><span style=\"color: #8ac56b;\" data-contrast=\"none\">step<\/span><\/b><b> <\/b><b><span style=\"color: #8ac56b;\" data-contrast=\"none\">but regrets the absence of strict <\/span><\/b><b><span style=\"color: #8ac56b;\" data-contrast=\"none\">criteria<\/span><\/b><b> <\/b><b><span style=\"color: #8ac56b;\" data-contrast=\"none\">preventing<\/span><\/b><b> <\/b><b><span style=\"color: #8ac56b;\" data-contrast=\"none\">it from supporting <\/span><\/b><b><span style=\"color: #8ac56b;\" data-contrast=\"none\">new <\/span><\/b><b><span style=\"color: #8ac56b;\" data-contrast=\"none\">hydrocarbon<\/span><\/b><b> <\/b><b><span style=\"color: #8ac56b;\" data-contrast=\"none\">projects<\/span><\/b><b><span style=\"color: #8ac56b;\" data-contrast=\"none\">. <\/span><\/b><b><span style=\"color: #8ac56b;\" data-contrast=\"none\">Most <\/span><\/b><b><span style=\"color: #8ac56b;\" data-contrast=\"none\">importantly<\/span><\/b><b><span style=\"color: #8ac56b;\" data-contrast=\"none\">, <\/span><\/b><b><span style=\"color: #8ac56b;\" data-contrast=\"none\">it<\/span><\/b><b><span style=\"color: #8ac56b;\" data-contrast=\"none\"> calls on the <\/span><\/b><b><span style=\"color: #8ac56b;\" data-contrast=\"none\">bank<\/span><\/b><b><span style=\"color: #8ac56b;\" data-contrast=\"none\"> to <\/span><\/b><b><span style=\"color: #8ac56b;\" data-contrast=\"none\">apply<\/span><\/b><b><span style=\"color: #8ac56b;\" data-contrast=\"none\"> the <\/span><\/b><b><span style=\"color: #8ac56b;\" data-contrast=\"none\">same<\/span><\/b><b> <\/b><b><span style=\"color: #8ac56b;\" data-contrast=\"none\">level<\/span><\/b><b><span style=\"color: #8ac56b;\" data-contrast=\"none\"> of ambition <\/span><\/b><b><span style=\"color: #8ac56b;\" data-contrast=\"none\">to<\/span><\/b><b><span style=\"color: #8ac56b;\" data-contrast=\"none\"> the <\/span><\/b><b><span style=\"color: #8ac56b;\" data-contrast=\"none\">immediate<\/span><\/b><b> <\/b><b><span style=\"color: #8ac56b;\" data-contrast=\"none\">decarboniz<\/span><\/b><b><span style=\"color: #8ac56b;\" data-contrast=\"none\">ation<\/span><\/b><b><span style=\"color: #8ac56b;\" data-contrast=\"none\"> of<\/span><\/b><b><span style=\"color: #8ac56b;\" data-contrast=\"none\"> the <\/span><\/b><b><span style=\"color: #8ac56b;\" data-contrast=\"none\">European<\/span><\/b><b><span style=\"color: #8ac56b;\" data-contrast=\"none\"> Central <\/span><\/b><b><span style=\"color: #8ac56b;\" data-contrast=\"none\">Bank<\/span><\/b><b><span style=\"color: #8ac56b;\" data-contrast=\"none\">\u2019s<\/span><\/b><b><span style=\"color: #8ac56b;\" data-contrast=\"none\"> (ECB)<\/span><\/b><b> <\/b><b><span style=\"color: #8ac56b;\" data-contrast=\"none\">monetary<\/span><\/b><b> <\/b><b><span style=\"color: #8ac56b;\" data-contrast=\"none\">policy<\/span><\/b><b><span style=\"color: #8ac56b;\" data-contrast=\"none\">.<\/span><\/b><\/p>\n<p style=\"text-align: justify;\"><span data-contrast=\"none\">The new policy adopted by the B<\/span><span data-contrast=\"none\">anque de France<\/span> <span data-contrast=\"none\">is a revision of <\/span><span data-contrast=\"none\">its<\/span><span data-contrast=\"none\"> responsible investment policy established in 2018 (1). The Ban<\/span><span data-contrast=\"none\">que<\/span><span data-contrast=\"none\"> de France<\/span><span style=\"color: rgb(229, 227, 227);\"> <\/span><span data-contrast=\"none\" style=\"color: rgb(229, 227, 227);\">is lowering its exclusion threshold for companies deriving more than 20% of their revenues from coal to 2% today, and to zero in 2024.<\/span><\/p>\n<p style=\"text-align: justify;\"><span data-contrast=\"none\"><span style=\"color: rgb(229, 227, 227);\">By using a single criterion for identifying coal companies, against three for best practices (2), <\/span><span style=\"color: #59bc6d;\"><b style=\"color: rgb(229, 227, 227);\">the <\/b><\/span><\/span><span style=\"color: #59bc6d;\" data-contrast=\"none\"><b style=\"color: rgb(229, 227, 227);\">Banque de France has set itself an honorable objective of exiting the coal sector by 2024 while failing to ensure that it will not support the expansion of the sector between now and <\/b><\/span><span data-contrast=\"none\"><span style=\"color: #59bc6d;\"><b style=\"color: rgb(229, 227, 227);\">then<\/b><\/span><span style=\"color: rgb(229, 227, 227);\">. Indeed, the Global Coal Exit List (3) lists between 67 and 118 companies planning new coal-fired power stations whose <\/span><\/span><span data-contrast=\"none\" style=\"color: rgb(229, 227, 227);\">revenues from these activities are not indicated or are less than 2%.<\/span><\/p>\n<p style=\"text-align: justify;\"><span data-contrast=\"none\" style=\"color: rgb(229, 227, 227);\">Along the same lines<\/span><span data-contrast=\"none\"><span style=\"color: rgb(229, 227, 227);\">, <\/span><b style=\"color: rgb(229, 227, 227);\">the <\/b><\/span><b><span data-contrast=\"none\" style=\"color: rgb(229, 227, 227);\">Banque de France<\/span><span style=\"color: rgb(229, 227, 227);\"> <\/span><span data-contrast=\"none\" style=\"color: rgb(229, 227, 227);\">says \u201cit will initiate an exit from unconventional hydrocarbons from 2021\u201d.<\/span><span style=\"color: rgb(229, 227, 227);\"> <\/span><span data-contrast=\"none\" style=\"color: rgb(229, 227, 227);\">However, its exclusion of companies whose activities in shale oil and gas, tar sands and\/or exploration in the Arctic (4) and deep water represent more than 10% of revenues does not prevent it from investing in companies which develop new projects in this area<\/span><\/b><span data-contrast=\"none\" style=\"color: rgb(229, 227, 227);\">. Moreover, the bank does not plan to reduce this threshold to 0%.<\/span><\/p>\n<p style=\"text-align: justify;\"><span data-contrast=\"none\" style=\"color: rgb(229, 227, 227);\">Particularly important is the fact that<\/span><span style=\"color: rgb(229, 227, 227);\"> <\/span><span data-contrast=\"none\"><b style=\"color: rgb(229, 227, 227);\">only exploration in the Arctic or deep water is covered, and that production activities in these areas are not<\/b><span style=\"color: rgb(229, 227, 227);\">. Thus, the <\/span><\/span><span data-contrast=\"none\" style=\"color: rgb(229, 227, 227);\">Bank of France will be able to continue investing in companies such as Total, which is planning four new projects in the Arctic (5).<\/span><\/p>\n<blockquote>\n<p style=\"text-align: justify;\"><i><span data-contrast=\"none\">\u201c<\/span><\/i><i><span data-contrast=\"none\">Though it was s<\/span><\/i><i><span data-contrast=\"none\">pared today, Total should fall<\/span><\/i><i><span data-contrast=\"none\"> firmly under<\/span><\/i><i><span data-contrast=\"none\"> the policy of the <\/span><\/i><i><span data-contrast=\"none\">Ba<\/span><\/i><i><span data-contrast=\"none\">nque de France<\/span><\/i><i><span data-contrast=\"none\">,<\/span><\/i><i> <\/i><i><span data-contrast=\"none\">as it plans<\/span><\/i><i><span data-contrast=\"none\"> to exclude<\/span><\/i><i><span data-contrast=\"none\"> all companies <\/span><\/i><i><span data-contrast=\"none\">for whom <\/span><\/i><i><span data-contrast=\"none\">oil represents more than 10% of turnover or 50% for gas <\/span><\/i><i><span data-contrast=\"none\">by 2024 <\/span><\/i><i><span data-contrast=\"none\">(6<\/span><\/i><i><span data-contrast=\"none\">)<\/span><\/i><i><span data-contrast=\"none\">. \u201d<\/span><\/i> <span data-contrast=\"none\">remar<\/span><span data-contrast=\"none\">k<\/span><span data-contrast=\"none\">s<\/span> <span data-contrast=\"none\">Lucie Pinson, director of Reclaim Finance. In<\/span><span data-contrast=\"none\"> fact<\/span><span data-contrast=\"none\">, the <\/span><span data-contrast=\"none\">Bank of<\/span><span data-contrast=\"none\"> France plans to align its investment policy with the European \u00ab\u00a0Paris Aligned benchmark\u00a0\u00bb (PAB) (7). \u00ab\u00a0<\/span><i><span data-contrast=\"none\">But the <\/span><\/i><i><span data-contrast=\"none\">B<\/span><\/i><i><span data-contrast=\"none\">anque de France<\/span><\/i><i><span data-contrast=\"none\">, which <\/span><\/i><i><span data-contrast=\"none\">claims to oppose<\/span><\/i><i><span data-contrast=\"none\"> any new fossil fuel project, is missing <\/span><\/i><i><span data-contrast=\"none\">an<\/span><\/i><i> <\/i><i><span data-contrast=\"none\">opportunity to translate this<\/span><\/i><i> <\/i><i><span data-contrast=\"none\">position into <\/span><\/i><i><span data-contrast=\"none\">firm<\/span><\/i><i><span data-contrast=\"none\"> measures. The bank says it<\/span><\/i><i><span data-contrast=\"none\"> will use its<\/span><\/i><i><span data-contrast=\"none\"> voting policy <\/span><\/i><i><span data-contrast=\"none\">to follow this<\/span><\/i><i><span data-contrast=\"none\"> objective but does not specify <\/span><\/i><i><span data-contrast=\"none\">what <\/span><\/i><i><span data-contrast=\"none\">actions it <\/span><\/i><i><span data-contrast=\"none\">implies<\/span><\/i><i><span data-contrast=\"none\">: <\/span><\/i><i><span data-contrast=\"none\">given that <\/span><\/i><i><span data-contrast=\"none\">resolutions <\/span><\/i><i><span data-contrast=\"none\">requiring <\/span><\/i><i><span data-contrast=\"none\">an <\/span><\/i><i><span data-contrast=\"none\">end <\/span><\/i><i><span data-contrast=\"none\">to<\/span><\/i><i><span data-contrast=\"none\"> investments in fossils <\/span><\/i><i><span data-contrast=\"none\">are <\/span><\/i><i><span data-contrast=\"none\">not common<\/span><\/i><i><span data-contrast=\"none\">place<\/span><\/i><i><span data-contrast=\"none\"> at AGMs<\/span><\/i><i><span data-contrast=\"none\">, <\/span><\/i><i><span data-contrast=\"none\">will<\/span><\/i><i><span data-contrast=\"none\"> the <\/span><\/i><i><span data-contrast=\"none\">Ban<\/span><\/i><i><span data-contrast=\"none\">que de France<\/span><\/i><i><span data-contrast=\"none\"> commit to vote against Patrick <\/span><\/i><i><span data-contrast=\"none\">Pouyann\u00e9<\/span><\/i><i><span data-contrast=\"none\"> and <\/span><\/i><i><span data-contrast=\"none\">all <\/span><\/i><i><span data-contrast=\"none\">the other executive <\/span><\/i><i><span data-contrast=\"none\">board<\/span><\/i><i><span data-contrast=\"none\">s of booming oil and gas companies?<\/span><\/i><span data-contrast=\"none\"> \u00ab\u00a0<\/span><\/p>\n<\/blockquote>\n<p style=\"text-align: justify;\"><span data-contrast=\"none\">As with its entire responsible investment policy, <b>the <\/b><\/span><b><span data-contrast=\"none\">Banque de France<\/span><span data-contrast=\"none\">&lsquo;s fossil fuel policy applies only to<\/span> <span data-contrast=\"none\">directly managed <\/span><span data-contrast=\"none\">portfolio<\/span><span data-contrast=\"none\">s<\/span><\/b><span data-contrast=\"none\"><b>,<\/b> <\/span><span data-contrast=\"none\">hence <\/span><span data-contrast=\"none\">around 22 billion euros in assets in 2019<span style=\"color: rgb(229, 227, 227);\">. It <\/span><b style=\"color: rgb(229, 227, 227);\">does not apply to <\/b><\/span><b><span style=\"color: rgb(229, 227, 227);\" data-contrast=\"none\">monetary policy<\/span><\/b><span data-contrast=\"none\"><b style=\"color: rgb(229, 227, 227);\"> portfolios<\/b><span style=\"color: rgb(229, 227, 227);\"> <\/span><\/span><span data-contrast=\"none\" style=\"color: rgb(229, 227, 227);\">(8) which constitute the bulk of the assets managed by the central bank. The bank had notably purchased 125.7 billion euros of assets from private issuers by end of 2019 by enacting the European quantitative easing policy.<\/span><\/p>\n<blockquote>\n<p style=\"text-align: justify;\"><span style=\"font-style: normal;\">Paul Schreiber, campaigner at Reclaim Finance, concludes: <\/span><i><span data-contrast=\"none\">\u201cWith this announcement, the <\/span><\/i><i><span data-contrast=\"none\">B<\/span><\/i><i><span data-contrast=\"none\">anque de France<\/span><\/i><i><span data-contrast=\"none\"> is <\/span><\/i><i><span data-contrast=\"none\">catching up with and<\/span><\/i><i><span data-contrast=\"none\"> overtaking private financial players (9) and recogniz<\/span><\/i><i><span data-contrast=\"none\">ing<\/span><\/i><i><span data-contrast=\"none\"> the urgency of cutting<\/span><\/i><i><span data-contrast=\"none\"> off<\/span><\/i><i><span data-contrast=\"none\"> financial support for fossil fuels. <\/span><\/i><i><span data-contrast=\"none\">Now, i<\/span><\/i><i><span data-contrast=\"none\">t must <\/span><\/i><i><span data-contrast=\"none\">apply this dynamic to its core business<\/span><\/i><i><span data-contrast=\"none\">, by <\/span><\/i><i><span data-contrast=\"none\">advocating for <\/span><\/i><i><span data-contrast=\"none\">the immediate decarbonization of European monetary policy, and not <\/span><\/i><i><span data-contrast=\"none\">wait another <\/span><\/i><i><span data-contrast=\"none\">three<\/span><\/i><i><span data-contrast=\"none\"> to <\/span><\/i><i><span data-contrast=\"none\">five <\/span><\/i><i><span data-contrast=\"none\">years as recent comments f<\/span><\/i><i><span data-contrast=\"none\">rom<\/span><\/i><i><span data-contrast=\"none\"> its governor suggest.\u00a0\u00bb<\/span><\/i><\/p>\n<\/blockquote>\n<p style=\"text-align: justify;\"><strong><u><i>Contacts presse :<\/i> <\/u><\/strong><\/p>\n<p style=\"text-align: justify;\"><i><span data-contrast=\"none\">Angus <\/span><\/i><i><span data-contrast=\"none\">Satow<\/span><\/i><i><span data-contrast=\"none\">, <\/span><\/i><i><span data-contrast=\"none\">press<\/span><\/i><i> <\/i><i><span data-contrast=\"none\">officer<\/span><\/i><i><span data-contrast=\"none\"> at Reclaim Finance | <\/span><\/i><a href=\"mailto:angus@reclaimfinance.org\"><i><span data-contrast=\"none\">angus@reclaimfinance.org<\/span><\/i><\/a><i><span data-contrast=\"none\"> , +447847754046<\/span><\/i><\/p>\n<p style=\"text-align: justify;\"><i><span data-contrast=\"none\">Paul Schreiber, charg\u00e9 de campagne \u00e0 Reclaim Finance | <\/span><\/i><a href=\"mailto:paul@reclaimfinance.org\"><i><span data-contrast=\"none\">paul@reclaimfinance.org<\/span><\/i><\/a><i><span data-contrast=\"none\"> | +33 6 89 02 07 88<\/span><\/i><\/p>\n<p style=\"text-align: justify;\"><i><span data-contrast=\"none\">Lucie Pinson, Director<\/span><\/i><i><span data-contrast=\"none\"> |<\/span><\/i><i> <\/i><a href=\"mailto:lucie@reclaimfinance.org\"><i><span data-contrast=\"none\">lucie@reclaimfinance.org<\/span><\/i><\/a><i><span data-contrast=\"none\"> | +33 6 79 54 37 15<\/span><\/i><\/p>\n<\/div><div class=\"fusion-clearfix\"><\/div><\/div><\/div><div class=\"fusion-layout-column fusion_builder_column fusion-builder-column-1 fusion_builder_column_1_1 1_1 fusion-one-full fusion-column-first fusion-column-last\" style=\"--awb-padding-top:10px;--awb-padding-right:10px;--awb-padding-left:2px;--awb-overflow:hidden;--awb-bg-size:cover;--awb-border-color:#ffffff;--awb-border-top:1px;--awb-border-right:1px;--awb-border-bottom:1px;--awb-border-left:1px;--awb-border-style:solid;--awb-border-radius:10px 10px 10px 10px;--awb-margin-bottom:42px;\"><div class=\"fusion-column-wrapper fusion-column-has-shadow fusion-flex-column-wrapper-legacy\"><div class=\"fusion-text fusion-text-2\"><p><span style=\"color: var(--body_typography-color); font-family: var(--body_typography-font-family); font-size: var(--body_typography-font-size); letter-spacing: var(--body_typography-letter-spacing);\"><b><i>Notes<\/i><\/b><\/span><\/p>\n<p><u style=\"color: var(--body_typography-color); font-family: var(--body_typography-font-family); font-size: var(--body_typography-font-size); font-style: var(--body_typography-font-style,normal); font-weight: var(--body_typography-font-weight); letter-spacing: var(--body_typography-letter-spacing); text-align: justify;\"><b><a href=\"https:\/\/www.banque-france.fr\/communique-de-presse\/politique-dinvestissement-responsable-renforcement-des-exclusions-en-matiere-denergies-fossiles\"><span data-contrast=\"none\">Press Release from the B<\/span><span data-contrast=\"none\">anque<\/span><span data-contrast=\"none\"> de France<\/span> <\/a><\/b><\/u><\/p>\n<ol>\n<li>The Bank of France adopted a responsible investment policy in 2018. This policy previously contained a single criterion concerning coal: the exclusion of companies where more than 20% of revenues comes from the sector. A report on the application of this policy in 2019 is available <a href=\"https:\/\/www.banque-france.fr\/sites\/default\/files\/media\/2020\/10\/09\/rapport-annuel_investissement-responsable_2019_fr.pdf\" target=\"_blank\" rel=\"noopener noreferrer\"><u>here<\/u><\/a>.<\/li>\n<li>Best practices are listed on Reclaim Finance\u2019s <a href=\"https:\/\/coalpolicytool.org\/\" target=\"_blank\" rel=\"noopener noreferrer\"><u>Coal Policy Tool<\/u><\/a>.<\/li>\n<li>The <u>Global Coal Exit List<\/u> (GCEL) is a leading database on the coal industry and is recognized as much by the International Finance Corporation (IFC) of the World Bank, the ACPR and the AMF as well as by financial players such as AXA.<\/li>\n<li>Like several financial actors, does not specify which definition of the Arctic will be used.<\/li>\n<li>Total owns four development projects in the Arctic: Novatek-Yurkharovneftegaz, RU ; Novatek-Tarkosaleneftegaz, RU ; Yamal LNG T4, RU ; Arctic LNG 2 T1-3, RU.<\/li>\n<li>Total anticipates still deriving another <u>35%<\/u> of its sales from oil in 2030<\/li>\n<li>A detailed analysis of this benchmark is available <u><a href=\"https:\/\/reclaimfinance.org\/site\/en\/2020\/11\/27\/climate-benchmarks-european-union\/\" target=\"_blank\" rel=\"noopener noreferrer\">here<\/a><\/u>.<\/li>\n<li>The responsible investment policy does not apply to monetary policy portfolios, the management of which depends on the rules defined at the level of the European Central Bank. The Banque de France can however explore its extension to the \u00ab\u00a0ANFA\u202f\u00a0\u00bb portfolio, over which it has greater freedom of action. Above all, <u><a href=\"https:\/\/reclaimfinance.org\/site\/en\/central-banks-coronavirus-climate\/\" target=\"_blank\" rel=\"noopener noreferrer\">monetary policy could be changed following the ongoing strategic review process of the European Central Bank (ECB)<\/a><\/u>. More than 166,000 Europeans and numerous NGOs are therefore asking the ECB to exclude fossil fuel companies from its asset purchases and from the list of its collateral. The Banque de France and the ECB published two studies exploring the \u00ab\u00a0greening\u00a0\u00bb of these tools in December 2020. However, strong uncertainties persist both on the content of such measures and on the timetable for their implementation. The Governor of the bank has declared that it could take \u201cthree to five years\u201d.<\/li>\n<li>The Banque de France was previously <u><a href=\"https:\/\/reclaimfinance.org\/site\/2020\/12\/15\/accord-de-paris-et-sortie-du-charbon-des-financiers-francais%e2%80%af-de-la-parole-aux-actes%e2%80%af\/\" target=\"_blank\" rel=\"noopener noreferrer\">lagging behind French financial players<\/a><\/u>.<\/li>\n<\/ol>\n<\/div><div class=\"fusion-clearfix\"><\/div><\/div><\/div><\/div><\/div>\n","protected":false},"excerpt":{"rendered":"","protected":false},"author":28,"featured_media":3203,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[226],"tags":[312,269],"acteurs_financiers":[2444],"thematique":[2421,2504,2423,2419],"webinar_type":[],"programme":[],"class_list":["post-8023","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-press-release","tag-monetary-policy","tag-unconventional-oil-and-gas","acteurs_financiers-regulators","thematique-coal","thematique-finance-en","thematique-fossil-fuels","thematique-oil-and-gas-en"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v23.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Quitting fossil fuels: the comeback of the Banque de France - Reclaim Finance<\/title>\n<meta name=\"robots\" content=\"index, follow, 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