Press release
Paris, July 21th, 2022 – La Banque Postale Asset Management (LBPAM) has just announced that it wants to align its assets in the oil and gas sector with the objective of carbon neutrality in 2050. To achieve this, LBPAM is taking a battery of measures, ranging from shareholder engagement to exclusion, including a strengthening of its asset selection criteria. Reclaim Finance welcomes LBPAM’s focus on ending oil and gas expansion in its dialogue with companies, but regrets that this criterion will only be a reason for exclusion from 2025 onwards and may include case-by-case exceptions for developers. Reclaim Finance calls on LBPAM to commit to not making new bond investments in these companies so as not to contribute to the development of projects strictly incompatible with its 1.5°C objective.