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Reform of the SRI label: what is the impact on the carbon footprint of labelled funds?
[Réforme du label ISR : quel impact sur l’empreinte carbone des fonds labellisés ?]

Author

Listed:
  • Pierre Bui Quang
  • David Nefzi

Abstract

The environmental requirements of the SRI label were tightened in 2024. Following this reform, SRI funds redirected their investments towards less carbon-intensive securities. This contributed to reducing their footprint more rapidly than other funds, although other factors may also have played a role. However, this impact is necessarily limited by the fact that the SRI label takes into account other non-financial criteria in addition to the carbon footprint alone. Les exigences environnementales du label ISR ont été revues à la hausse en 2024. À la suite à cette réforme, les fonds ISR ont réorienté leurs investissements vers des titres moins intensifs en carbone, ce qui a contribué à réduire leur empreinte plus rapidement que d’autres fonds, même si d’autres facteurs ont pu jouer. Pour autant, cet impact est nécessairement limité par le fait que le label ISR retient d’autres critères extra-financiers que la seule empreinte carbone.

Suggested Citation

  • Pierre Bui Quang & David Nefzi, 2026. "Reform of the SRI label: what is the impact on the carbon footprint of labelled funds? [Réforme du label ISR : quel impact sur l’empreinte carbone des fonds labellisés ?]," Eco Notepad 434, Banque de France.
    • Handle: RePEc:bfr:econot:434
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