France scores diplomatic wins on banks and nuclear in new EU rules
Paris successfully pushed for weaker due diligence reporting by lenders and state-backed funding for nuclear power plants
Alice Hancock in Brussels, 15 Dec 2, Ft.com
France has secured a partial carve-out for banks from new EU rules to make companies responsible for environmental impacts in their supply chains. Paris also won, in separate negotiations, assurance that state-backed funding for its nuclear power plants will be possible under a reform of the EU electricity market, the culmination of a concerted effort to champion the low-carbon fuel in the face of opposition from Luxembourg, Austria and Germany.
Agnès Pannier-Runacher, French energy minister, hailed the decision as “excellent news”. “It gives us the means to ensure long-term financing for the transformation of our electricity system,” she said……………………………
France, backed by countries including Italy and the Czech Republic, has succeeded in making sure that banks, asset managers and investment groups will only have to report on upstream activities such as purchasing office equipment. They will not have to undertake due diligence on the activities of clients to whom they are offering loans — something that the European parliament had pushed for in the talks.
In a note circulated among negotiators earlier this month, the European Central Bank also warned that “excluding the financial sector would be counterproductive to the intention of the [law], as it would allow the EU financial sector to continue to fund activities detrimental to the EU [environmental and social governance] agenda”.
Arianne Griffith, corporate accountability lead at the NGO Global Witness, said that it was “shocking” that EU countries had “sunk plans to ensure that banks stop investing in environmental and human rights abuses”. Eelco Van der Enden, chief executive of the Global Reporting Initiative, said that it was “disheartening” to see that the French effort had watered down the application of the rules to the financial sector but that a review clause in the agreement could offer the opportunity to include them at a later stage………………………………………..
Both the energy market reform and the due diligence rules must be formally approved by the European parliament and member states in votes due to take place early next year. Once the due diligence directive is approved, EU governments will have two years to introduce the rules in national legislation. https://www.ft.com/content/a4f7c547-1a58-482f-889e-f6400c44bbf7
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