Reclaim Finance


Some defeats have the flavour of victory,” wrote Les Echos in an article commenting on the first climate resolution ever filed in France, at the Total Annual General Meeting at the end of May, and the still timid but growing pressure from investors on the largest oil and gas companies.

But to those who wonder whether financial players are driving change or merely accompanying it, we must unfortunately remind them that some are still blocking it. For example, behind-the-scenes manoeuvring by some shareholders to counter this resolution or the European Central Bank’s asset purchase programme, which supports companies such as Shell, Total and Fortum, whose subsidiary Uniper has just opened a new coal-fired power station in Germany.

Whether public or private, all are aware that we are at a turning point in the fight against climate change and biodiversity loss. But although the climate is now an unavoidable part of the discussions, it remains the poor relation of the decision-making process.

Lucie Pinson, founder and executive director


On May 29, 2020, 16.8% of the oil giant’s shareholders voted in favor of the first climate resolution ever filled in France, finally marking an awakening of shareholders to their responsibility to push the major French oil group towards a profound transformation of its activities. But 83.2% voted against it, favouring short-termism and falling into gregarious reactions of clan protection.

We welcome the 11 shareholders who overcame the obstacles to put this resolution to the vote and at the same time dusted off French-style shareholder capitalism. Without waiting for the next general meeting, the 16.8% must build on this first resolution in order to push Total to raise its climate commitments.

As for Total’s other shareholders and financial partners, they must join them or be ready to be judged by History for their failure to act now and push the biggest polluter on the CAC40 towards the exit of fossil fuels.


While the ECB is buying assets like never before, the new report reveals that they massively finance fossil fuel companies and are at odds with European climate objectives.
The coronavirus crisis and the oil crash have highlighted the well-known risks of shale oil and gas. Less known are the financial services from French players to this sector. We revealed them in a report.



The first document published by the Basel Committee’s Task Force on Climate-related Financial Risks (TCFR) shows that its members are well aware of climate-related financial risks but that everything remains to be done to address them.

In the context of Covid-19, green bonds are seen by some as the “green” way out of the crisis. However, like transition bonds, the habit does not make the monk, and it takes more than just being qualified as green to make a true contribution to the transition.

While Europe has to exit coal by 2030 to have a chance of limiting global warming, Uniper, a subsidiary of Fortum, has just opened a new coal-fired power plant, Datteln 4 in Germany.

The ECB and central banks play a key role in shaping the world of tomorrow. Unfortunately, monetary policy today is at the service of polluters. Reclaim Finance and its partners give you the tools for action.


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