Amundi is reclassifying its entire €19bn Paris-Aligned Benchmark and Climate Transition Benchmark ETF range in an industry trending change that is sweeping across the ESG space.
The downgrades on the 29 ETFs are part of a wider reclassification by Amundi which will see the bulk of around 100 Article 9 funds switch to Article 8.
Amundi said it welcomed regulation around responsible investing but cited uncertainty around its application.
"The current regulatory framework does not yet allow the financial industry to respond in a uniform manner as to what should be considered ‘sustainable' or not.
"Given this still-evolving regulatory environment, Amundi has therefore taken a conservative approach in terms of levels of sustainable investment published in its regulatory documentation.
"This choice has led to the reclassification of almost all of its range of Article 9 funds into Article 8."
It added the decision was based on a deliberately cautious approach to protect investors and distributors from a significant risk of confusion.
Amundi follows BlackRock, UBS Asset Management, Invesco and HSBC Asset Management in downgrading their Paris-Aligned Benchmark (PAB) and Climate Transition Benchmark funds earlier in November.
