France Seeks to Shield Energy Producers From ESG Fund Regulation

France wants incoming ESG fund rules to be adjusted so that sustainable investors don’t need to exclude key energy producers, according to a draft proposal seen by Bloomberg.

The French plan calls for climate transition funds — a category due to be introduced in the European Union as part of the bloc’s revamp of its ESG investing rules — to make room for oil and gas companies with a “clear path of transition towards sustainability,” the documents show. However, the plan wouldn’t require those companies to provide Scope 3 data, which is a category that can account for around 90% ...