Governance - Axis 6
(Solène Ringler)
Ecological transition governance raises questions about the strategic choices of public policies in terms of their positive impact on the environment. National, European and international institutions have taken up the climate cause by implementing new energy-climate policies. They are setting ambitious targets for reducing greenhouse gas emissions, and in so doing, are calling on the financial sector to contribute. The European Union has created tools to compel investors to publish their extra-financial sustainability data.
The aim is to steer investors towards financing "green" activities. However, the implementation of the European Green Deal remains fraught with difficulties and uncertainties. The new CSRD directive of December 14, 2022 reinforces and extends the requirements for extra-financial reporting, but some doubts exist as to whether these disclosure requirements will translate into concrete actions in favor of the climate, as the instruments do not provide for strong sanctions other than reputational ones, which could ultimately encourage the development of greenwashing practices.
