Why did it take so long to get the Observatory up and running?
The Observatory offers a highly innovative approach that is unique in the world because it brings together the full range of financial operators from the Paris Financial Centre, all with their own varied approaches and activities (banks, insurers, investors, fund managers, etc.).
In order to arrive at a common methodology by sector, working groups were set up to find agreement among companies that do not necessarily similar in their approach, their stage of maturity or their business challenges.
How do you avoid greenwashing?
The Observatory is committed to transparency. The nature of the data as well as the calculation methodologies used are fully communicated and accessible to all. The recommendations made by the independent members of the Scientific Committee and the supervision carried out by the AMF and ACPR ensure transparency and integrity. While the site only lists individual commitments for this first year, it will make it possible to monitor their implementation in future years.
What credibility can the Observatory have if its governing bodies represent financial players?
Transparency is the watchword of the Observatory, both in terms of contributors' achievements and the evolution of their commitments over time. The Observatory gives everyone access to the data provided by financial actors, without evaluating them. And lastly, the federations are best placed to provide exhaustive indicators on their respective sectors. Regulatory authorities, specifically the ACPR and the AMF, will also provide an assessment of these commitments with a critically impartial eye.
How do you guarantee the integrity of the Scientific and Expert Committee when its members are appointed by the Observatory, which represents the industry?
The members of the Committee, as well as the members of the Finance ClimAct Steering Committee who confirm them are independent of Paris Financial Market actors.
What is the point of a Scientific and Expert Committee if its recommendations are only advisory?
Each opinion delivered by the Scientific and Expert Committee will be made public, which will oblige the Steering Committee to publicly state the reasons that lead it to reject the committee's recommendation, in keeping with a "comply or explain" logic.
Why were no NGOs invited to join the Observatory's Steering Committee?
NGOs are represented via the Scientific and Expert Committee as the NGO & Think Tank College. The size of the Committee was deliberately limited so that its work can be carried out efficiently, while respecting a balance between the different colleges that make it up (Academics, NGOs / Think Tanks, Climate & CSR experts, Public Authorities).
You had originally committed to track commitments, but now they're just transcribed. Isn't this a bit of a drop in your ambitions?
The publication of standardised data, grouped in one place, is a significant step forward towards tracking commitments. For one thing, it allows stakeholders to find this information all in one place. In the longer term, the Observatory aims to evolve so as to track these commitments.
Why are there no data for oil and gas on the Observatory website?
The members of the steering committee wished to focus on coal for the launch of the Observatory. Also, professional federations and associations have encouraged their members to start by establishing strategies for coal. In addition, there is to date no official Brown Taxonomy. The oil & gas sector will be covered as the Observatory develops.