French regulator to ban fossil fuels from Article 9 funds in landmark move

Exclusions for Article 8 funds

clock • 2 min read

France’s financial regulator has mandated fossil fuels must be excluded from Article 9, the first national watchdog to take the step.

The French Financial Market Authority (Autorité des marchés financiers, AMF) has published a proposal for minimum environmental criteria for financial products in the highest Article 9 and Article 8 categories of the Sustainable Finance Disclosure Regulation (SFDR). In the criteria, the AMF calls for fossil fuels to be banned from Article 9 funds, and severely restricted in Article 8 funds. For Article 9 funds, which have a sustainable investment objective, the AMF proposes excluding all activities related to fossil infrastructure, with the exception of a very small number of gas powe...

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