CSRD: are French banks standing by their previous positions? #FrenchFinance

While companies and financial actors are now speaking out against the CSRD and the European Commission is set to present the Omnibus law to enact a “massive simplification” of the text, a study of responses to the 2020 consultation reveals a different narrative. Four years ago, the four largest French banks – Crédit Agricole, BNP Paribas, Banque Populaire Caisse d’Epargne (BPCE), and Société Générale – and the French Banking Federation (FBF) showed unanimous support for the directive and its orientations that are now being questioned. The NGO Reclaim Finance is publishing today an analysis of these past positions, which are in stark contrast to the current discourse – or silence – on challenging the CSRD

Faced with climate challenges and the need for a rapid ecological transition, it is crucial that French banks maintain a position consistent with the commitments they have made in the past. The unanimous support given to the CSRD in 2020 demonstrates a willingness to improve the transparency and comparability of non-financial information. It is therefore imperative that these financial actors remain faithful to these principles and actively support the implementation of ambitious regulations, rather than backtracking on the core of the texts.