We analyze the determinants of mutual fund carbon footprint in France. The French market is different from the US market in terms of social norms and regulation deployment. We find that the measure of carbon footprint (e.g., emission level or emission intensity) matters when analyzing drivers of a fund's carbon footprint. Regulations play an important role in reducing fund carbon footprint. Funds' carbon footprint decreases after 2015, coinciding with the implementation of the French energy transition and green growth law, which mandates mutual funds to disclose the climate impacts of their investments. Funds investing in countries with strict regulations limiting carbon emissions, such as European countries, are more likely to have a lower carbon footprint. Large investors with better oversight ability and greater influence can exert pressure on funds to reduce their carbon footprint. We find some evidence of "greenwashing" in France. SRI funds attract more investors but have a higher absolute carbon footprint, measured by the level of emissions, than conventional funds. They are more exposed to the highest emitters, however, do not more engage with them to reduce carbon footprint.