Thanks a lot for your question.
Well, it depends on whether we are talking about regulation in general, which is now very much pushed at the European level, or about things that are much more oriented to the financial markets.
What is very interesting in what happened in France—the story may be overly simplistic—is that because France was organizing COP21 in Paris, the idea was that it would be nice to show some things before setting it up. As the one very crucial ingredient for the climate diplomacy discussion was the finance part, there was a kind of a push behind the scenes before COP21 was held to have something happen. At the end of the day, six months or three months before COP21, we had a law in France, for the first time ever, asking financial stakeholders in the investment community to communicate about their climate action. There were a lot of different items.
That was just before COP21, and I think that promoting something was very positive for France as a regulator and also for the Paris Agreement, which was reached at the end of the day. As you know, one of the three main overarching goals in the agreement is about finance. There may be a kind of chicken-and-egg issue there, but it was clearly good. I think that having this incentive under the spotlight was probably a good thing.
Also, then, what is very important, I think, is that this would never have happened if some investors, not necessarily the biggest or the most well known, and the banks, public and private—public in terms of government or private on the markets—had not pushed for it as well. There was a kind of an agreement for that—