In early September, Dutch pension fund PFZW withdrew a 14-billion-euro mandate from BlackRock [1], following several climate-related setbacks from the US asset manager. For their part, French life insurers still refuse to take this step and continue to delegate their clients’ savings to asset managers who strongly support fossil fuel expansion. In doing so, they are working with managers who undermine their own climate efforts. However, some French life insurers have stepped up their efforts in recent months to reduce their support for fossil fuel expansion. Faced with this inconsistency, Reclaim Finance is calling on French life insurers to adopt stricter climate-related selection criteria for their asset managers, starting by making fossil fuel expansion a red line.
