It’s time to take action to finance the ecological transition. This was the motto underpinning the Paris financial institutions’ meeting on Monday 22 April 2024, organized by the Institut de la Finance Durable. However, financing solutions will not meet the objectives of reducing greenhouse gas emissions unless efforts are made at the same time to reduce financing for fossil fuels. After drawing up an inglorious overview of French asset managers, Reclaim Finance takes stock of the commitments of asset owners in the face of the first imperative: to halt the expansion of oil and gas. The verdict is clear: while 11 of them have adopted measures restricting new investment in fossil fuel expansion, the majority have yet to act.
Find below the French asset owners’ commitments to stop (or not) supporting oil and gas expansion:
| Commitment to stop investing in bonds from companies developing new oil and gas upstream projects | Commitment to stop investing in bonds from companies developing new midstream oil and gas infrastructure | Commitment to select asset managers based on the robustness of their fossil fuels sector policy | No commitments to restrict support towards oil and gas expansion |
|---|---|---|---|
| Abeille Assurances, AG2R La Mondiale*, Agirc-Arrco**, Caisse des Dépôts (CDC)****, CNP Assurances, ERAFP**, Groupama***, Ircantec, MACIF, MACSF, MAIF, Scor, Société Générale Assurances, Suravenir | Ircantec, MACSF, Suravenir | MAIF | AXA, BNP Paribas Cardif, Covéa, Crédit Agricole Assurances, Assurances du Crédit Mutuel, Fonds de Réserve pour les Retraites (FRR), SMA |
*From 2027.
**From 2030.
***Only companies with unconventional oil and gas expansion plans.
****No systematic sanctions against companies with expansion plans.
