(Bloomberg) -- Financial regulators in France have criticized the country’s banks, insurers and asset managers for making a series of hard-to-measure climate commitments in the lead-up to the COP26 summit in Scotland next week.

The financial industry needs to agree on common definitions to measure its exposure to fossil fuels, according to Autorite des Marches Financiers (AMF) and Autorite de Controle Prudentiel et de Resolution (ACPR), which issued a joint report on Tuesday. The goal should be to include the entire value chain, according to the report.

French banks have been among Europe’s greener lenders, and recently, La Banque Postale became the first to announce it will exit both unconventional and conventional oil and gas by 2030.

Tuesday’s report coincided with a gathering of executives in Paris for Climate Finance Day, and comes less than a week ahead of the COP26 climate talks next month. Banks and insurers are under increasing pressure to curb their carbon emissions as the United Nations warns that the world is on course for a catastrophic 2.7 degrees warming by the end of the century.

While financial institutions provided clearer information on exit dates from coal last year, policies remain inconsistent and sometimes lack transparency, the regulators said.


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