Greenfin Label: Complete Guide to French Sustainable Finance
The Greenfin label represents a major pillar of France's sustainable finance policy. Created in 2015 by the Ministry of Ecological Transition, this national state label has become an indispensable reference for investors wishing to direct their savings towards environmentally friendly projects. In November 2025, the Greenfin label certified 108 investment funds for a total value of 35 billion euros, demonstrating the growing attractiveness of responsible finance among French savers.
What is the Greenfin Label?
The Greenfin label, formerly known by the acronym TEEC (Energy Transition and Ecological Action for Climate), is a national French green finance label. Contrary to some misconceptions, Greenfin is not an EU label but rather a national certification aligned with the European regulatory framework for sustainable finance.
Created following discussions held at the Banking and Financial Sector Conference on Energy Transition in June 2014, the label was formally established in December 2015 by decree and order. Its primary objective is to mobilize household savings in favor of energy and ecological transition while ensuring transparency and quality of "green" investments.
The label is designed to contribute directly to the fight against climate change. It allows for clear identification of investment funds that actually finance economic activities aligned with environmental challenges, without ambiguity or greenwashing.
Who Delivers the Greenfin Label?
A frequently asked question: who actually delivers the Greenfin label? This answer is crucial to understanding the certification system. The label is not delivered by the ministry itself, but by an independent third-party organization accredited by the state.
AFNOR Certification is the main body authorized to deliver the Greenfin certification. It acts as an external and independent audit body, ensuring the objectivity of the labeling process. Besides AFNOR, other independent third-party organizations, including Novethic, EY France, and Bureau Veritas, are also authorized to conduct evaluations and certifications.
The Ministry of Ecological Transition retains the role of owner of the label and homologator of regulatory evolutions through the Greenfin Label Committee. This committee consists of representatives from all stakeholders, including consumer association representatives, ensuring balanced and democratic governance of the system.
The Criteria of the Greenfin Label
The Greenfin label is based on four fundamental criteria that any candidate fund must meet to obtain certification. These criteria combine positive requirements (green investments) and negative requirements (exclusions of harmful activities).
Criterion 1: The Green Share
The first criterion evaluates the proportion of truly "green" investments within the fund. To be labeled, a fund must demonstrate that a significant portion of its assets finance activities contributing to energy and ecological transition.
The reference framework of the label defines a precise nomenclature of eligible activities for labeled financing. These activities, called "eco-activities," encompass eight major categories:
- Energy: renewable energies, energy efficiency, energy storage
- Building: thermal renovation, eco-construction, improvement of energy performance
- Circular economy: waste management, pollution treatment, recycling
- Industry: clean technologies, reduction of industrial emissions
- Sustainable transportation: electric vehicles, sustainable public transport, low-carbon mobility infrastructure
- Information and Communication Technologies: digital solutions for sustainability
- Agriculture and Forestry: sustainable agricultural practices, responsible forest management
- Climate Change Adaptation: resilience to climate change impacts
The reference also specifies the rules for asset allocation of the fund. Each investment pocket must be characterized by the intensity of the green component among the issuers in which it is invested. This structure ensures real exposure to sustainable activities.
Criterion 2: Exclusions
The second criterion defines the activities that are categorically excluded from the investment perimeter of Greenfin-labeled funds. These exclusions represent a distinctive feature of the label, setting it apart from other certifications.
The main exclusion concerns any activity related to the value chain of fossil fuels: coal, oil, and natural gas. This exclusion is absolute and applies to all activities of extraction, transformation, transport, distribution, and commercialization of these polluting energies.
Starting in 2025, the exclusion threshold for coal has been strengthened: companies whose revenue depends on more than 1% of coal-related activities (in extraction, production, or electricity distribution) are automatically excluded. This reduction of the threshold, previously set at 5%, reflects the growing ambition of the label in terms of combating climate change, in line with European requirements.
The Greenfin label also defines lighter exclusions concerning companies whose revenue relies on more than 30% of the following activities:
- Waste storage and disposal without greenhouse gas capture
- Waste incineration without energy recovery
- Energy efficiency based on non-renewable energy sources
- Non-sustainable forestry operations or peatland agriculture
Important note: contrary to a widely held belief, the Greenfin label does not exclude the nuclear sector. Nuclear power is not considered a fossil fuel activity and remains a possible investment for Greenfin-labeled funds. This distinction is crucial for investors directing their savings towards low-carbon energy.
Criteria 3 and 4: Governance and Reporting
Beyond the technical dimensions of the green share and exclusions, the Greenfin label imposes rigorous criteria for governance and transparency. Fund managers must establish solid governance structures with clear and documented decision-making processes to ensure compliance with environmental criteria.
The reporting is an essential pillar of certification. Certified funds must annually communicate detailed transparency reports. These reports allow investors to verify that their savings fund the promised activities and that exclusion criteria are respected.
Eligible Fund Types
The Greenfin label targets a wide range of investment funds, covering various strategies and asset classes. This diversity allows savers to find investment solutions tailored to their profile and preferences.
The eligible funds for the Greenfin label include:
- Traded funds (trackers and other index funds)
- Alternative funds
- Infrastructure funds
- Bond funds
- Private debt funds
- SCPI (Societies Civils of Real Estate Investment Trusts)
- OPCI (Collective Investment Organizations in Real Estate)
This diversity ensures that all types of investors, from individuals to professionals, can access labeled Greenfin investment solutions.
Advantages of the Greenfin Label for Investors
For savers and investors, the Greenfin certification offers several major advantages that make it a reliable benchmark in the sustainable finance market.
Independent expert certification: Funds are audited by accredited third-party organizations, ensuring an objective and rigorous evaluation. This external expertise provides a guarantee of compliance that self-declaration cannot provide.
Resolutely environmental orientation: The label tolerates no ambiguity or compromise. The systematic exclusion of fossil fuels guarantees a real contribution to ecological transition without diluting the environmental impact.
Eligibility for regulated life insurance contracts: The PACTE Act (Action Plan for Growth and Transformation of the Economy) requires insurers to offer at least one certified green fund in their life insurance offerings. Greenfin-labeled funds naturally meet this regulatory requirement.
Alignment with environmental preferences: For investors with strong environmental convictions, the Greenfin label offers assurance that their investments truly reflect their values.
Advantages of the Greenfin Label for Funds
Beyond the benefits for investors, the Greenfin certification presents significant strategic advantages for fund managers.
Increased visibility: The Greenfin label is recognized and sought after by many investors. This increased visibility facilitates the marketing of funds and helps them stand out in a market becoming saturated with environmental promises.
Potent Tool for Communication : Certification represents a major selling point, allowing managers to confidently communicate the green quality of their funds to institutional and individual clients.
Enhanced Credibility and Trust : Certification by a third-party organization enhances the credibility of the fund and reduces the risk of accusations of greenwashing. This trust often translates into better fundraising among responsible investors.
Strategic Future Positioning : By obtaining the Greenfin certification, managers position themselves at the forefront of the financial transition, aligning with future regulatory directions and the expectations of European regulators.
The Situation in November 2025
The Greenfin label has experienced sustained growth since its inception. In November 2025, the market for Greenfin-labeled funds includes 108 certified funds with a total value of 35 billion euros. This progress reflects the growing interest of French investors in regulated and certified green finance solutions.
This period of 2025 also marks significant developments in the label. Tightening the exclusion threshold for coal to 1% (from 5% previously) reflects the increasing ambition of the program. Additionally, updates to the label's framework are regularly published in the Official Journal, ensuring that the criteria remain aligned with national climate policies and European regulatory obligations.
Greenfin vs Other Responsible Finance Labels
The French market for responsible finance certifications offers several complementary labels. Understanding the differences between Greenfin and these alternatives helps investors choose the option most suitable to their goals.
ISR Label (Socially Responsible Investment) : The ISR label covers a broader dimension than Greenfin. While Greenfin focuses strictly on the energy and ecological transition, ISR incorporates social and governance criteria (ESG). Greenfin is more specialized and stringent regarding the environment, whereas ISR offers a more holistic approach to responsibility.
Finansol Label : This label focuses on solidarity finance and social impact, enabling investors to support socially useful projects (microcredit, employment assistance, local development). Finansol and Greenfin pursue distinct objectives, although they share a common philosophy of responsible finance.
EU Taxonomy and SFDR : At the European level, the EU Taxonomy and SFDR Regulation (Sustainable Finance Disclosure Regulation) establish a harmonized framework for sustainable finance. The Greenfin label fits within this framework but represents a stricter and more demanding French certification on certain environmental criteria.
The Regulatory Framework of the Greenfin Label
The Greenfin label is based on a solid regulatory framework established by decree and order as early as December 2015. This legal foundation has been strengthened and regularly updated, particularly in 2025, to adapt to new environmental requirements.
The framework of the label, a detailed technical document, precisely describes the eligibility criteria, certification procedures, and reporting obligations. This framework is approved by the State and undergoes regular revisions to remain consistent with national and European climate policies.
The Greenfin Label Committee, chaired by the Ministry of Ecological Transition, oversees the proper functioning of the system. It defines the main guidelines, proposes changes to the terms of reference, and ensures that the labeling process evolves in line with contemporary climate challenges.
The Labeling Process
In order for a fund to be labeled Greenfin, a rigorous auditing and certification process must be followed. This process includes several steps aimed at verifying the fund's compliance with all label criteria.
The fund manager must first prepare a complete file including the investment strategy, portfolio composition, ESG criteria, and reporting methods. This file is then submitted to an independent third-party accredited organization (AFNOR Certification, Novethic, EY France, or Bureau Veritas).
The certification body conducts a thorough audit, verifying the fund's compliance with the four label criteria: green share, exclusions, governance, and reporting. This audit typically includes a site visit, interviews with the management team, and a detailed analysis of the documents.
Following the audit, the certification body issues a recommendation for labeling or requests corrections. Once compliance is confirmed, the label is granted for a period of generally three years. The fund must then maintain its compliance and undergo periodic follow-up controls.
The Impact of the Greenfin Label on the Market
Since its creation, the Greenfin label has profoundly transformed the landscape of responsible finance in France. The label has served as a catalyst to direct savings towards energy transition, while regulators and fund managers have gradually integrated sustainability requirements into their practices.
The existence of the Greenfin label has also promoted professionalization within the sector. Managers have invested in expertise in ESG and sustainability assessment, improving overall the quality of environmental analysis within French finance.
Moreover, the label has created a reliable and auditable base of funds, allowing institutional investors and regulators to trust data concerning green finance. This transparency has reduced the risk of greenwashing and raised market standards.
Future Perspectives
The Greenfin label continues to evolve to stay in line with growing climate challenges. Recent evolutions, such as tightening the exclusion threshold for coal to 1%, illustrate this trajectory of continuous improvement.
In the future, the label could integrate more quantifiable environmental impact criteria, measuring precisely the reduction of greenhouse gas emissions or biodiversity protection. Similarly, the gradual integration of European standards for sustainable finance will strengthen the consistency between the national label and the European regulatory framework.
With 108 labeled funds and €35 billion in assets under management, the Greenfin label remains a key instrument for mobilizing French savings towards energy and ecological transition.