FRENCH ENERGY TRANSITION LAW - Finance Initiative

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Supported byFRENCH ENERGYTRANSITION LAWG LO BAL I N V ESTO R B R I E FING

THE SIX PRINCIPLES123456We will incorporate ESG issuesinto investment analysis anddecision-making processes.We will be active owners andincorporate ESG issues into ourownership policies and practices.We will seek appropriatedisclosure on ESG issues bythe entities in which we invest.We will promote acceptance andimplementation of the Principleswithin the investment industry.We will work together toenhance our effectiveness inimplementing the Principles.We will each report on ouractivities and progress towardsimplementing the Principles.THANKSThe PRI is grateful to the French signatories that contributed to this report: Héléna Charrier, Caisse des Dépôts (CDC),Laurène Chenevat, Mirova and Timothée Jaulin, Amundi.With thanks to Diane Strauss and Laura Ramirez, 2 Investing Initiative, Annie Degen and Elodie Feller, UNEP FI.ABOUT MIROVAMirova is a subsidiary of Natixis Asset ManagementLimited liability company - Share capital 7 461 327, 50Regulated by AMF under n GP 02-014RCS Paris n 394 648 216Registered Office: 21 quai d’Austerlitz - 75 013 ParisABOUT IIGCCThe Institutional Investors Group on Climate Change (IIGCC) is the investor voice on climate solutions in Europe - is acollaborative forum with 120 members, mainly mainstream investors, with over 13 trillion assets under management.Its mission is to provide investors with a common voice to encourage public policies, investment practices and corporatebehaviour which address long-term risks and opportunities associated with climate change.For more information visit www.iigcc.orgABOUT IGCCThe Investor Group on Climate Change (IGCC) is a collaboration of more than 60 Australian and New Zealand institutionalinvestors and advisors, managing over 1 trillion and focussing on the impact that climate change has on the financial value ofinvestments.For more information visit www.igcc.org.au2

FRENCH ENERGY TRANSITION LAW 2016CONTENTSFOREWORD4WHY THE LAW MATTERS AND GLOBAL RECOMMENDATIONS5ABOUT THE LAW6 REQUIREMENTS OF ARTICLE 1737IMPLEMENTATION DECREE: THE REQUIREMENTS FOR INSTITUTIONAL INVESTORS7MONITORING AND COMPLIANCE8REACTIONS FROM FRENCH INVESTORS9ENABLING FACTORS: WHAT MADE PASSING THE LAW POSSIBLE IN FRANCE?10EXPECTED IMPACT AND CHALLENGES133

FOREWORDINVESTING IN THE TRANSITION TO A MORESUSTAINABLE ECONOMYAt the end of 2015, the adoption of the Paris climateagreement moved the entire international community tocommit to combating climate change.At the same time, another major step forward was takenat the French national regulatory level, to encourage thefinancial community to also engage with sustainabilityissues, with the adoption of Article 173 of the law on energytransition and green growth. In requiring investors todisclose how they factor ESG criteria and carbon-relatedaspects into their investment policies, this inspirational andinnovative law will enable better-informed choices and pavethe way to driving investments towards more sustainablepatterns.Last but not least, it is the best way to reconcileenvironmental and financial performance.The French government will implement an assessment ofbest disclosure practices in 2018: let us hope that it willcontribute to implementing ambitious and smart reportingguidelines that will enable and encourage the financialsector to make a positive contribution to the ambitionsoutlined in Paris.As a responsible investor, Mirova commends the adoptionof such regulations, not only in France but in all countriesand especially at the European level in support of the CapitalMarkets Union.An important challenge of the French Energy Transition Lawrelates to the way it will be implemented. What is at stakebehind the methodological debate is the meaning and theconcrete impact of the concept of portfolio decarbonisation.Does it mean minimising the carbon content of our funds,only keeping assets with low levels of induced carbonemissions? Or does it mean having a high level of assets thatactually contribute to decarbonising our economy?For Mirova, both aspects are important, but investing in thetransition to a more sustainable environment is the mosturgent need and is a concrete path to decarbonise ourassets over the long term at a global level.4Philippe ZaouatiChief Executive Officer, Mirova

FRENCH ENERGY TRANSITION LAW 2016WHY THE LAW MATTERS ANDGLOBAL RECOMMENDATIONSThe French Energy Transition for Green Growth Law (orEnergy Transition Law), adopted in August 2015, marks aturning point in carbon reporting. It sets out a roadmap tomitigate climate change and diversify the energy mix. Thelaw includes ambitious targets around reducing greenhousegas (GHG) emissions and overall energy consumption,reducing the share of fossil fuels and nuclear power infavour of renewable energy and increasing the price ofcarbon.1Due to its pioneering nature, the Energy Transition Law haspicked up interest across the globe.The specific requirements of the legislation as well as theenabling factors which contributed to it becoming a realityin France are highlighted in this global investor briefing. Itreveals that the legislation is flexible in its implementation,leaving investors to establish the most appropriatemethodologies for themselves. This open-endedness hasraised challenges, but it also gives the industry the freedomto shape the processes that will eventually become a normfor the industry in France.While many investors in France have been engaged inresponsible investment for some time and have many of thereporting tools in place, for others complying with the lawwill require much more time and resources.And so the law has forced the issues of ESG integrationand climate risk onto the agendas of all investors in France,regardless of previous engagement, and has raised theindustry standard. Given the global momentum regardingclimate change in the finance community, the law, what itstipulates, how investors in France have reacted to it and thebuilding blocks that enabled such legislation to be passed,are relevant to investors worldwide.RECOMMENDATIONS FOR POLICY MAKERSFOLLOWING THE FRENCH ENERGY TRANSITIONLAWSome early lessons can be drawn from the French EnergyTransition Law and on how policy makers can work withindustry even more efficiently with the development ofsimilar regulation. 1An early dialogue with industry in policy discussionsprovides them with an opportunity for formal andinformal feedback. Encourage and support voluntary industry action, forexample disclosure of portfolio carbon footprint.Engage with civil society groups to establish their rolein the implementation of regulation.RECOMMENDATIONS FOR PRI SIGNATORIESFOLLOWING THE FRENCH ENERGY TRANSITIONLAWInvestors who had a strong history of engagement withand action on ESG issues adopted the requirements of thelaw relatively quickly and easily. Signatories who wish todemonstrate leadership and readiness on these issues inadvance of potential regulation in their own country should: Understand how they would respond to the French law;Monitor global policy developments to understandtrends;Actively contribute to policy discussions throughinvestor networks including through PRI and The GlobalInvestor Coalition on Climate Change, a joint initiativeof four regional climate change investor groups: IIGCC(Europe), INCR (North America), IGCC (Australia & NewZealand) and AIGCC (Asia);Take voluntary action in good practice risk managementand reporting, for example through the MontréalCarbon Pledge or Portfolio Decarbonisation Coalition;Collaborate to drive up industry standards;Measure and prepare to disclose their emissionsexposure.The FSB Climate-related Financial DisclosuresTaskforce, chaired by Michael Bloomberg and includingPRI’s Chair Martin Skancke, is considering the physical,liability and transition risks associated with climatechange and what constitutes effective financialdisclosures. It aims to develop voluntary, consistent,climate-related financial risk disclosures for use bycompanies in providing information to investors,lenders, insurers and other stakeholders. On 31 March,the taskforce published its Phase I Report, settingout its scope, objectives and principles of disclosure,and opened a one-month public consultation. Thetaskforce’s recommendations for voluntary corporatedisclosures will be presented to the FSB by the end of2016. More information is available here: -durable.gouv.fr/IMG/pdf/14123-8-GB loi-TE-mode-emploi DEF light.pdf5

ABOUT THE FRENCH ENERGYTRANSITION LAWArticle 173 of the French Energy Transition Law came intoforce on 1 January 2016. It strengthened mandatory carbondisclosure requirements for listed companies and introducedcarbon reporting for institutional investors, defined asasset owners and investment managers. Due to its forwardthinking measures for institutional investors, Article 173 is ofinterest to PRI signatories.Following policy maker consultation with investors,the law was introduced on a comply or explain basis.Implementation is flexible to allow investors to determinethe most appropriate reporting methodologies themselves.DEBATE, DEVELOPMENT AND PUBLICATION OF THE LAWNovember 2012 – July 2013National debate on energy transitionOctober 2014Draft legislation adopted by the National Assembly (lower house of the Parliament)and passed to the Senate for approvalOctober 2014 – July 2015Several readings in the two chambers of French Parliament, leading to Senateapproval22 July 2015Law adopted by French Parliament18 August 2015Following approval by the Constitutional Court, the law was published in the Journalofficiel de la République FrançaiseAugust 2015 – December 2015Consultation and drafting process for implementation decree for Article 173 - thisprocess included a formal consultation with investors and civil society groups,followed by a public consultation on the draft decree31 December 2015Implementation Decree for Article 173 was publishedIn April 2016, Novethic published an interview with Denis Baupin. The article is titled ‘Implications, First Steps and Impact’,and it is available at i-market.html6

FRENCH ENERGY TRANSITION LAW 2016REQUIREMENTS OF ARTICLE 173The text of Article 1732, released in August 2015, requiresthe following:1. Listed companies shall disclose in their annual report: a. Financial risks related to the effects of climatechange; b. The measures adopted by the company to reducethem; c. The consequences of climate change on thecompany’s activities and of the use of goodsand services it produces. (This is in addition tothe reporting on the social and environmentalconsequences of the company’s activity, which isalready mandatory in France3.)2. Banks and credit providers shall disclose in their annualreport: a. The risk of excessive leverage (not carbon-specific)and the risks exposed by regular stress tests. (Thegovernment will submit a report to Parliament on theimplementation of regular stress tests reflecting therisks associated with climate change by 31 December2016.)3. Institutional investors shall disclose in their annualreport: a. Information on how ESG criteria are considered intheir investment decisions; b. How their policies align with the national strategy forenergy and ecological transition.IMPLEMENTATION DECREE: THEREQUIREMENTS FOR INSTITUTIONALINVESTORSFollowing the adoption of the law in August 2015, therewas a consultation process to develop the implementationdecree for Article 173. The decree provided guidance forreporting, but with little mandatory provision, it allowedfor flexibility. Investors are able to report in a way that suitstheir portfolio, for example reflecting specific asset classesor subsidiaries. However they must provide information onthe methodology used and justification of the approach.First reporting due in 2017 – The information mustbe included in the investor’s annual report and on theirwebsite. The first report, covering the period from 1January 2016, must be published no later than 30 June2017.Comply or explain – Investors must report on a‘comply or explain’ basis, meaning they have to providean explanation if they do not comply with any of therequirements above. There is, however, no furtherguidance or agreement about the expectation of whatwould be a satisfactory explanation for non-compliance.Smaller investors are exempt from detailed reporting– Smaller investors, defined as those with a totalbalance sheet (or belonging to a group with a totalbalance sheet) of less than 500m, only have to providea general overview of how they integrate ESG factors.A SUMMARY OF THE REQUIREMENTSFOR INSTITUTIONAL INVESTORS,AS SET OUT IN THE DECREE1. Reporting on the integration of ESG criteria, including:a. The general approach with regards to theconsideration of ESG issues in investment policy andrisk management;b. For an asset management company, the listand percentage share of funds (in assets undermanagement) that integrate ESG criteria;c. T he methodology used for analysing the criteria andjustification of that approach;d. I nformation on the results of the analysis and actionstaken.2. Reporting on the integration of climate change-relatedrisks, including:a. Both physical risks (exposure to physical impactsdirectly caused by climate change) and transition risks(exposure to the changes caused by the transition toa low-carbon economy);b. An assessment of the contribution to meeting theinternational target of limiting global warming and toachieving the objectives of the French Low CarbonStrategy (which was adopted in November 2015 andincludes sector-specific targets and carbon budgets).2 EVX1413992L/jo#JORFARTI000031045547, 17 August 20153 Grenelle II law 2010. For details see le%20II%20Act%20in%20France%20June%202012.pdf7

The decree suggests that analysis of risk exposure andcontribution to the transition of the portfolio can include: The consequences of climate change and extremeweather events;Changes in the availability and price of naturalresources;Policy risks related to the implementation of nationaland international climate targets;Funds invested in assets which contribute to the energyand ecological transition;Measures of past, current or future emissions of GHG,directly or indirectly associated with emitters includedin the investment portfolio.3. Reporting on the alignment of voluntary decarbonisationtargets with national and international goals.a. Targets the investor sets itself to assess itscontribution to achieving the national and globalclimate targets, and how these targets align with EUobjectives and carbon budgets set by the nationalLow Carbon Strategy;4b. Actions to achieve these targets, including: changesin investment policy, divestment, and engagement.Institutional investors are encouraged to setquantitative sector targets in line with national andinternational targets, but this is not mandatory.Annie DegenSpecial Advisor – Long Term Finance and UNEP FI EnergyEfficiency CoordinatorMONITORING AND COMPLIANCEThe implementation decree does not cover the details ofthe enforcement of the law, leading to some ambiguityas to the extent to which the financial regulator (AMF)will take responsibility. The French government is yet toconfirm whether it will publish a PPE (ProgrammationPluriannuelle de l’Energie) to give direction on consumptionscenarios. There is also no mention in the decree of thirdparty certification of the information provided in the annualreports. Therefore, there is no formal system for monitoringand ensuring compliance.The original text of the decree is availableonline. https://www.legifrance.gouv.fr/jo pdf.do?id JORFTEXT000031740341 (dated 31 December2015).Interviews revealed an expectation that civil society,stakeholders and market demand will have a role to playin engaging and ensuring accountability for the additionalinformation provided in the annual reports.2 Investing Initiative have provided an EnglishTranslation of the decree. http://2degrees-investing.org/IMG/pdf/2ii art173 decree final en.pdfThe government will publish a review of the implementationdecree after two years (and before the end of December2018). Following the review, there may be more guidancebased on observed good practices. It is expected thatinvestors will also help develop good practice case studiesto support implementation of the law.4 onal-low-carbon-strategy-for-climate8“Disclosure requirements by companies is a majorchange, especially in France, where traditionally,it is difficult for investors to file resolutionsat shareholder AGMs. One of the expectedconsequences of the Energy Transition Law isan increased willingness of companies to discussenergy and environment-related topics withtheir shareholders, as they anticipate mandatorydisclosure. This is an opportunity for investors tofurther engage with companies.”

FRENCH ENERGY TRANSITION LAW 2016REACTIONS FROM FRENCH INVESTORSArticle 173 increases reporting requirements for investorsfar beyond previous legislation. Its combination of ESG andclimate reporting requirements means the law also goesbeyond the reporting frameworks of voluntary initiatives.However, with very few mandatory requirements in thelaw, the initial response from French investors has been toestablish exactly what additional reporting will be required.This has involved mapping where existing datasets andreporting practices can be used, and where new data andmethods for reporting will be required.Not a challenge for investors with well-developed ESGpracticesFor investors with well-developed ESG practices, the lawdoes not present much of a challenge. Since the GrenelleII law came into force in 2010, investment managers havebeen required to report on how they include ESG factorsinto their investment strategy and the management of theirfunds. As a result, they already have processes in place fordata collection and reporting to cover many of the newrequirements. In addition, some investors had signed up tovoluntary pledges, for example the Montréal Carbon Pledge5,so had already developed methodologies for reporting onsome of the law’s requirements.the freedom to invest. This appeal was not upheld by theConstitutional Council on the basis that it only containedrequirements covering reporting, not investment decisions.6Nonetheless, there have been concerns from investorsabout the additional work created by the law, particularlyin the initial period of developing collection and reportingmethodologies.New collaboration and support has become availableAlthough investors have been establishing the exactrequirements of the law for their business on an individualbasis, some collaboration and support initiatives haveemerged since the law’s inception. These include: Working groups set up by the Ministry of Finance andMinistry of Ecology with investors, issuers, NGOs andservice providers on developing best practice – thegroups provide a platform for sharing progress andemerging methodologies between investors and otherstakeholders;Professional associations (for example associations forinstitutional investors, asset managers and French SIF7),which have developed their own working groups todevelop methodologies and more detailed frameworks.Contested by some investorsHowever, there was also a negative reaction when this lawwas announced. Initially, MPs contested the article, claimingthat the indicative targets suggested by Article 173 violatedthe European Directive 2009/138/CE on the principle of5 http://montrealpledge.org/6 do;jsessionid 7DCA73F551593EE07D96572204515C97.tpdila21v 2?cidTexte JORFTEXT000031047012&idArticle JORFARTI000031047013&dateTexte 20150818&categorieLien cid (French)7 http://www.frenchsif.org/isr/9

ENABLING FACTORS: WHAT MADEPASSING THE LAW POSSIBLE IN FRANCE?b) Portfolio Decarbonisation Coalition (PDC), launchedin September 2014 by UNEP FI10, aims to reduce GHGemissions by mobilising a critical mass of investorscommitted to decarbonising their portfolios.11Amundi Asset Management, AP4 and CDP wereco-founders of this initiative, and the currentmembership includes a number of French investors:Caisse des Dépôts, FRR, ERAFP, Humanis, BNPParibas Investment Partners and Mirova.c) T he Montréal Carbon Pledge, which was alsolaunched in September 2014, created a network ofPRI signatories committed to measuring and publiclydisclosing the carbon footprint of their investmentportfolios on an annual basis. To date, 14 Frenchinvestors have signed up, out of a total of over 120signatories, the most of any country except UK andSweden.12d) Initiative Carbone 2020 (IC20) was launched in 2015by five private equity companies, with the supportof the PRI, to promote a long-term approach toreducing GHG emissions of their portfolio companiesand securing sustainable performance. Signatoriescommit to measure their scope 1, 2 and 3 carbonfootprint13 using estimation methodology, includeclimate issues in their investment process, andpublish the carbon footprint of their portfoliocompanies in 2020.14For a law requiring such significant changes to besuccessfully implemented, a number of enabling factorsneed to come together to create favourable conditions.Five major factors that were present in France have beenidentified as enabling the implementation of the EnergyTransition Law.1) A STRONG REGULATORY ENVIRONMENTFrance has a long history of extra-financial reportingregulation. In 2001, the law on new economic regulationrequired that listed companies report on measures takenregarding the environmental and social impact of theiractivities.8 The introduction of the ‘Grenelle II’ Act in 2010strengthened and extended these reporting requirementsto all companies with 500 or more employees. Article 224of the ‘Grenelle II’ Act also required investment managers toreport annually on how they integrate ESG criteria into theirinvestment decisions. This regulatory precedent provideda strong base for the new law’s extended requirements forboth companies and investors.2) WILLINGNESS OF FRENCH INVESTORSThe French government developed the content of Article173 and the implementation decree in consultation with theinvestment community. France’s well-developed responsibleinvestment community had already demonstrated innovativeapproaches to ESG integration and climate risk. Forexample, in 2014 pension provider ERAFP partnered withAmundi to develop a methodology aimed at reducing thecarbon footprint of their portfolio.9 Such innovation, as wellas demonstrating the investment community’s readinessfor legislation, helped give policy makers confidence that aninnovative approach could work.Responsible investment in France can be traced back asearly as 2001 with the creation of the French ResponsibleInvestment Forum (FIR). In the following years, a number ofvoluntary initiatives emerged that highlighted the increasedinterest of investors in consideration of ESG factors andrisks. These include: a) The UN-supported Principles for ResponsibleInvestment (PRI) launched in 2006 and Frenchinvestors were involved from its inception. As ofMarch 2016, 141 French investors are PRI signatories.To add to the increasing emphasis on carbon footprints,in 2014 the French Environment and Energy ManagementAgency (ADEME) released a guide on how financialinstitutions can measure their carbon footprint.15Interviews with investors have highlighted an increasedawareness of the link between environmental factorsand financial returns, leading to an increased opennessto additional regulation. A recent paper by UNEP Inquiryand the Institute for Climate Economics16 on France’sFinancial Ecosystem considered the increasing demand inthe country for extra-financial information. It identified the2008 financial crisis as a factor leading to a restructuringof the market to increasingly account for ESG factors.Increased transparency, more depth of expertise and a morerisk-and-profit-based focus followed, as investors becameincreasingly aware of the benefits and impacts of improvedintegration of ESG limate-change10 http://www.unepfi.org/11http://unepfi.org/pdc/12 http://montrealpledge.org/. For list of signatories, see http://montrealpledge.org/signatories/13 http://www.ghgprotocol.org14 ownload/1507/10638/version/4/file/Manifeste UK final.pdf.15 s-ges-adapte-secteur-financier (French)16 5728-etude-cas-france.pdf17 5728-etude-cas-france.pdf, p.2310

FRENCH ENERGY TRANSITION LAW 2016On Climate Finance Day, 23 May 2015, the day on whichthe Energy Transition Law was announced, a number ofinvestors announced further voluntary commitments theywould be undertaking. AXA committed to divesting from allits remaining coal investments by the end of 2015 and tripletheir green investments by 202018 and CDC committed todisclosing the carbon footprint of their portfolio.19 Theseannouncements can be seen as a culmination of manydiscussions and collaborative efforts in the run up to COP21in Paris in December.3) GLOBAL MOMENTUM AND CIVIL SOCIETYSUPPORT IN FRANCEThe French Energy Transition Law was passed at a time ofstrong national and international pressure for action fromthe finance sector on climate change.In 2011, the Carbon Tracker Initiative published itsUnburnable Carbon report20, which introduced the conceptof the “carbon bubble”. The report, which argued that upto 80% of fossil fuel reserves may be “unburnable” if theworld is to stay within its carbon budget, made clear the linkbetween these reserves and investors.21The international divestment movement, led by 350.org, calling for organisations, institutions and individualsto divest from fossil fuels, reinforced this message. This18movement shifted the debate into the public domain, andadded a moral dimension, further increasing the pressure oninvestors. The US and Europe has seen notable divestmentpledges: in 2015 the Norwegian Sovereign Wealth Fundcommitted to divesting from the coal sector.22 The AssetOwners Disclosure Project’s annual ranking23 of the top 500(by AuM) asset owners for their management of climate riskhas also strengthened the focus on investors.24Paris-based think tanks such as 2 Investing Initiative25, theInstitute for Sustainable Development and InternationalRelations (IDDRI)26 and the Institute for Climate Economics(I4CE)27 helped push the issue on the political agenda inFrance.Strong civil society support can be seen as a key enablingcondition for this law. With no regulator responsible for thelaw, civil society monitoring will be an important factor toensure its success.“Civil society and stakeholders should maintainpeer pressure and engage around annual reportinformation.”Diane StraussChief of Operations, 2 Investing eat-climate-change19 medias/cp et dp/CP Climate Finance Day EN.pdf20 w.carbontracker.org/report/carbon-bubble/22 w-analysis-shows23 http://aodproject.net/24 -disclosure-project-survey.html25 http://2degrees-investing.org/26 http://www.iddri.org/Iddri/27 http://www.i4ce.org/home/11

4) POLITICAL FEASIBILITYLearning on implications and impact duringimplementation of the lawThe recent I4CE/UNEP paper finds that the Frenchapproach to integrating sustainability into its financialsystem is to encourage better disclosure, leading toadequate pricing of risk, while allowing individual institutionsto develop their own tools and strategies.28 This way, bestpractice methodologies emerge, which the governmentplans to highlight in its review of the implementation decreein 2018. This approach allows for pioneering legislation tobe passed, with the awareness that much of the learning ofthe full implications and impact of the law will be done in theimplementation stage.France: “the nation of environmental excellence”In his first major speech as President in September2012, François Hollande set out his vision for France tobecome “the nation of environmental excellence”.29 ANational Environmental Conference held in 2012 sawthe announcement of a number of climate and energymeasures, for example continued support for renewables.A national debate on energy transition was held betweenNovember 2012 and July 2013 to determine the best wayfor the country to transition to a low carbon economy. Therecommendations from this debate, along with the targetsagreed during the National Environmental Conference in2012 and 2013, formed the basis of the Energy TransitionLaw.30Publicly-sponsored SRI labelsThe French government has also shown its commitmentto providing investors with the information and confidenceto invest in responsible investment products through thecreation of publicly-sponsored SRI labels. In the aftermathof the 2014 conference on the financing of the f/news-25728-etude-cas-france.pdf, p.2529 http://www.lse.ac.uk

FRENCH ENERG TRANSITION LAW 1734 5 The French Energy Transition for Green Growth Law (or Energy Transition Law), adopted in August 2015, marks a turning point in carbon reporting. It sets out a roadmap to mitigate climate change and diversify the energy mix. The law includes ambitious targets around reducing greenhouse

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