{"id":34963,"date":"2024-12-05T17:45:07","date_gmt":"2024-12-05T16:45:07","guid":{"rendered":"https:\/\/reclaimfinance.org\/site\/?page_id=34963"},"modified":"2025-12-08T18:08:54","modified_gmt":"2025-12-08T17:08:54","slug":"assessment-of-the-climate-practices-of-asset-managers","status":"publish","type":"page","link":"https:\/\/reclaimfinance.org\/site\/en\/assessment-of-the-climate-practices-of-asset-managers\/","title":{"rendered":"Assessment of the climate practices of asset managers"},"content":{"rendered":"

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Assessment of the climate practices of asset managers<\/h1><\/span>
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In the current context of the climate emergency, investors are increasingly and collectively concerned about systemic climate risks. With climate change threatening the entire economy and the planet, climate action is an integral part of their fiduciary duty, which requires them to act in the best interests of their clients or beneficiaries.<\/b> Climate science makes it clear that new fossil fuel projects are incompatible with a credible 1.5\u00b0C-aligned trajectory. The key to effective climate risk management in the global investment industry therefore lies in taking action to ensure these projects are not launched. <\/b><\/p>\n

Asset owners hold significant potential power and influence within the financial sector.<\/b> They have the capacity to drive financial flows towards or away from certain companies, and therefore to support of the transformation of the world\u2019s energy system and limit global warming to 1.5\u00b0C. They can also encourage their financial partners to better manage climate risks, primarily the external asset managers to whom they entrust their investments.<\/b> The next challenge for asset owners is to build a strategy that ensures their managers\u2019 activities are not supporting fossil fuel expansion, to align with their long-term interests. <\/p>\n

Asset owners are responsible for identifying the asset managers that provide new money to companies pursuing fossil fuel expansion, enabling them to develop and run new projects, and that vote in favor of the management of these companies. Asset owners can then refuse to entrust new investments to asset managers<\/b> not acting in alignment with science-based climate guidance, and engage with their current asset manager. We provide detailed recommendations further down. <\/p>\n

Reclaim Finance has assessed the climate practices of 30 of the largest asset managers based in Europe and the United States (US), focusing on their support for fossil fuel expansion, in order to support asset owners in this task. <\/p>\n<\/div><\/div><\/div>

Go to assessment<\/span><\/a><\/div><\/div><\/div>
Go to good practices<\/span><\/a><\/div><\/div><\/div>
Go to recommendations for asset owners<\/span><\/a><\/div><\/div><\/div>
Download 2025 data<\/span><\/a><\/div><\/div><\/div>
Read a summary of key trends<\/span><\/a><\/div><\/div><\/div><\/div><\/div>
\"ABERDEEN\"<\/span><\/div><\/div><\/div>
\"Aegon\"<\/span><\/div><\/div><\/div>
\"Allianz<\/span><\/div><\/div><\/div>
<\/span><\/div><\/div><\/div>
\"Aviva\"<\/span><\/div><\/div><\/div>
\"Axa<\/span><\/div><\/div><\/div>
\"Blackrock\"<\/span><\/div><\/div><\/div>
\"BNP<\/span><\/div><\/div><\/div>
\"Capital<\/span><\/div><\/div><\/div>
\"DWS\"<\/span><\/div><\/div><\/div>
\"Eurizon<\/span><\/div><\/div><\/div>
\"Fidelity<\/span><\/div><\/div><\/div>
\"Fidelity<\/span><\/div><\/div><\/div>
\"Generali<\/span><\/div><\/div><\/div>
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\"HSBC<\/span><\/div><\/div><\/div>
\"Janus<\/span><\/div><\/div><\/div>
\"JPMorgan<\/span><\/div><\/div><\/div>
\"Legal<\/span><\/div><\/div><\/div>
\"Loomis<\/span><\/div><\/div><\/div>
\"M&G<\/span><\/div><\/div><\/div>
\"Nordea<\/span><\/div><\/div><\/div>
\"Ostrum<\/span><\/div><\/div><\/div>
\"PIMCO\"<\/span><\/div><\/div><\/div>
\"Schroders\"<\/span><\/div><\/div><\/div>
\"State<\/span><\/div><\/div><\/div>
\"Swiss<\/span><\/div><\/div><\/div>
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\"Union<\/span><\/div><\/div><\/div>
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<\/path><\/svg><\/div>
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0<\/span> out of 30<\/span><\/div>
<\/div><\/div><\/div><\/div>

The number of asset managers assessed committed to stopping most of their new bond investments in oil and gas producers.<\/p>\n<\/div><\/div><\/div>

At least<\/p>\n<\/div>

US$<\/span>0<\/span><\/div>
bln<\/div><\/div><\/div><\/div>

The amount invested in recent bonds issued by fossil fuel developers.<\/p>\n<\/div><\/div><\/div>

0<\/span>%<\/span><\/div>
<\/div><\/div><\/div><\/div>

The number of votes cast in 2025 in favor of the boards of directors at the largest fossil fuel developers.<\/p>\n<\/div><\/div><\/div><\/div><\/div>

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Assessment of asset managers<\/h2><\/span>
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Last update: December 2025<\/span><\/p>\n<\/div><\/div><\/div>

Download 2025 data<\/span><\/a><\/div>

Download 2024 data<\/a><\/span><\/p>\n<\/div><\/div><\/div><\/div><\/div><\/div>

\n \n \n \n \n \n \n \n \n \n <\/colgroup>\n \n\n \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

Asset Manager<\/h3><\/th>

Country<\/h3><\/th>

Investment policy <\/sup>
<\/h3>\n
\u200b\u200b \u200bExistence of a commitment to stop new investments in companies developing new coal, oil and gas projects in the policies of the asset manager<\/div><\/th>

Actual investments <\/sup>
<\/h3>\n
Number of bonds issued between 1 January 2024 and 30 June 2025 by the largest fossil fuel developers held by the asset manager in October 2025<\/div><\/th>

Voting policy <\/sup>
<\/h3>\n
Existence of a commitment to vote against some management-proposed resolutions of fossil fuel developers in the voting policy of the asset manager<\/div><\/th>

Actual votes related to board of directors <\/sup>
<\/h3>\n
Votes at the last annual general meetings in favor of the discharge of the boards and the director reelections of the largest fossil fuel developers<\/div><\/th>

Actual votes related to remuneration <\/sup>
<\/h3>\n
Votes at the last annual general meetings in favor of the remuneration of top executives of the largest fossil fuel developers<\/div><\/th><\/tr>\n<\/thead>\n

\nAberdeen<\/summary>\n

Aberdeen\u2018s\u202factivities\u202fstill strongly\u202fsupport fossil fuel expansion.<\/span>\u202f<\/span>\u00a0<\/span><\/p>\n

Aberdeen\u202fhas not committed to\u202fstop\u202fnew investments in fossil fuel developers or to vote against management-proposed resolutions for these companies.<\/span>\u202f<\/span>\u00a0<\/span><\/p>\n

In practice,\u202fAberdeen\u202fhas invested in at least 72 recently issued bonds of fossil fuel developers that were issued between\u202f1 January 2024\u202fand\u202f30 June 2025,\u202frepresenting\u202fat least\u202fUSD 105\u202fmillion of\u202fholdings in October 2025.\u202fBy buying new bonds,\u202fAberdeen\u202fprovides fresh capital to these companies and enables them to launch new fossil fuel projects.<\/span>\u00a0<\/span><\/p>\n

Moreover, the vast majority of\u202fAberdeen\u2019s\u202fvotes\u202fat the last annual general meetings supported the management of the largest fossil fuel developers, with 92% of votes in\u202ffavor\u202fof the actions of the boards of directors. Through these voting practices,\u202fAberdeen\u202funconditionally approves the fossil fuel expansion plans of these companies and disregards that they are not aligned with climate science.<\/span>\u202f<\/span>\u00a0<\/span><\/p>\n<\/details><\/td>

United Kingdom<\/td>\"\"\n<\/td>\"\"\n<\/td>\"\"\n<\/td>\"\"\n<\/td>\"\"\n<\/td> <\/tr>\n
\nAegon Asset Management<\/summary>\n

Aegon Asset\u202fManagement\u2018s activities still support fossil fuel expansion, especially through its voting practices.<\/span>\u00a0<\/span><\/p>\n

Aegon Asset Management has not committed to\u202fstop\u202fnew investments in fossil fuel developers or to\u202fvote\u202fagainst management-proposed resolutions for these companies.<\/span>\u202f<\/span>\u00a0<\/span><\/p>\n

In practice, Aegon Asset Management has invested in at least 11 recently issued bonds of fossil fuel developers, that were issued between\u202f1 January 2024\u202fand\u202f30 June 2025,\u202frepresenting\u202fat least\u202fUSD 61\u202fmillion of\u202fholdings in October 2025. By buying new bonds, Aegon Asset Management provides fresh capital to these companies and enables them to launch new fossil fuel projects.<\/span>\u00a0<\/span><\/p>\n

Moreover,\u202fAegon Asset Management disclosed almost no vote regarding resolutions linked with the action of the board of directors of the biggest fossil fuel developers and did not disclose its votes for 93% of those linked with the remuneration of top executives of these companies. These voting practices both reveal a major lack of transparency and potentially an important missed opportunity to sanction the climate strategies of fossil fuel developers.<\/span>\u00a0<\/span><\/p>\n<\/details><\/td>

Netherlands<\/td>\"\"\n<\/td>\"\"\n<\/td>\"\"\n<\/td>\"\"\n<\/td>\"\"\n<\/td> <\/tr>\n
\nAllianz Global Investors<\/summary>\n

Allianz Global\u202fInvestors\u2018 activities\u202fstill strongly support fossil fuel expansion.<\/span>\u202f<\/span>\u00a0<\/span><\/p>\n

Allianz Global Investors has not committed to\u202fstop\u202fnew investments in fossil fuel developers or to\u202fvote\u202fagainst management-proposed resolutions for these companies.<\/span>\u202f<\/span>\u00a0<\/span><\/p>\n

In practice, Allianz Global Investors has invested in at least 46\u202frecently issued bonds of fossil fuel developers, that were issued between\u202f1 January 2024\u202fand\u202f30 June 2025,\u202frepresenting\u202fat least\u202fUSD 112\u202fmillion of\u202fholdings in October 2025.\u202fBy buying new bonds, Allianz Global Investors provides fresh capital to these companies and enables them to launch new fossil fuel projects.<\/span>\u00a0<\/span><\/p>\n

Moreover, the vast majority of\u202fAllianz Global Investors\u2019 votes\u202fat the last annual general meetings supported the management of fossil fuel developers, with 75 % of votes in\u202ffavor\u202fof the actions of the boards of directors. Through these voting practices, Allianz Global Investors strongly\u202fapproves\u202fthe fossil fuel expansion plans of these companies and\u202fdisregards\u202fthat they are not aligned with climate science. Allianz Global Investors <\/span>nevertheless<\/span> opposed more resolutions linked with the remuneration of directors, opposing 44 % of them, and is one of the asset managers that most often justifying its opposing votes to the remuneration by climate-related rationales (6.1% these resolutions).\u00a0<\/span>\u00a0<\/span><\/p>\n<\/details><\/td>

Germany<\/td>\"\"\n<\/td>\"\"\n<\/td>\"\"\n<\/td>\"\"\n<\/td>\"\"\n<\/td> <\/tr>\n
\nAmundi<\/summary>\n

Amundi still overwhelmingly supports fossil fuel expansion.<\/span>\u202f<\/span>\u00a0<\/span><\/p>\n

Amundi took some steps to reduce its support to fossil fuel expansion by excluding some thermal coal developers, but the asset manager can still invest in thermal coal developers through its passively managed assets\u202fand in\u202fsome exempted coal developers.\u202fRegarding\u202fthe oil and gas sector,\u202fAmundi has still not taken any similar commitment to stop new investments in companies developing new projects and continues to invest in newly issued bonds of these companies, providing them fresh capital and enabling them to launch new fossil fuel projects. Amundi has invested in at least 79\u202frecent\u202fbonds of\u202fthe largest\u202ffossil fuel developers, that were issued between\u202f1 January 2024\u202fand\u202f30 June 2025,\u202frepresenting\u202fat least\u202fUSD 347\u202fmillion of\u202fholdings in October 2025.<\/span>\u202f<\/span>\u00a0<\/span><\/p>\n

Moreover, Amundi committed to vote against\u202fsome\u202fmanagement-proposed resolutions for some thermal coal\u202fdevelopers but has not taken a commitment for oil and gas developers. In practice, Amundi voted against 55% of the reelections of directors or the discharges\u202fof the boards of the\u202flargest\u202ffossil fuel developers at the last annual general meetings. However, the asset manager still voted in\u202ffavor\u202fof some reelections of directors of large oil and gas developers such as TotalEnergies,\u202fShell and Chevron.\u202fAs an example,\u202fAmundi voted both in\u202ffavor\u202fof the reelection of the only outgoing director and the remuneration of the CEO and Chair of the board of directors at TotalEnergies\u2019 last annual general meeting,\u202feven though they are pursuing the strategy that makes\u202fTotalEnergies\u202fthe world\u2019s sixth\u202flargest upstream oil and gas developer.<\/span>\u00a0<\/span><\/p>\n<\/details><\/td>

France<\/td>\"\"\n<\/td>\"\"\n<\/td>\"\"\n<\/td>\"\"\n<\/td>\"\"\n<\/td> <\/tr>\n
\nAviva Investors<\/summary>\n

Aviva Investors\u2019 activities still support fossil fuel expansion, notably through its voting practices.<\/span>\u00a0<\/span><\/p>\n

Aviva Investors has not committed to\u202fstop\u202fnew investments in fossil fuel developers or to vote against management-proposed resolutions for these companies.<\/span>\u202f<\/span>\u00a0<\/span><\/p>\n

In practice, Aviva Investors only holds a limited amount of bonds recently issued by fossil fuel developers compared with the other big asset managers. In October 2025, Aviva Investors held 6 bonds of fossil fuel developers that were issued between\u202f1 January 2024\u202fand\u202f30 June 2025,\u202frepresenting\u202fUSD 23\u202fmillion of\u202fholdings.<\/span>\u00a0<\/span><\/p>\n

Moreover, the vast majority of\u202fAviva Investors votes\u2019\u202fat the last annual general meetings supported the management of fossil fuel developers, with 65% of votes in\u202ffavor\u202fof the actions of the boards of directors. Through these voting practices, Aviva Investors strongly\u202fapproves\u202fthe fossil fuel expansion plans of these companies and\u202fdisregards\u202fthat they are not aligned with climate science. Aviva Investors <\/span>nevertheless<\/span> opposed more resolutions linked with the remuneration of directors, opposing 47% of them, and is one of the asset managers that most often justified its opposing votes to the remuneration by climate-related rationales (6.5% these resolutions).<\/span>\u00a0<\/span><\/p>\n<\/details><\/td>

United Kingdom<\/td>\"\"\n<\/td>\"\"<\/td>\"\"\n<\/td>\"\"\n<\/td>\"\"\n<\/td> <\/tr>\n
\nAXA Investment Managers<\/summary>\n

AXA Investment Managers\u2019 activities still\u202fsupport\u202ffossil fuel expansion.<\/span>\u202f<\/span>\u00a0<\/span><\/p>\n

AXA Investment Managers took robust\u202fmeasures\u202fto reduce its support to\u202fthermal coal\u202fexpansion even though this commitment does not apply to its joint ventures.\u202f<\/span>However, the asset manager has still not taken any similar commitment to stop\u202fnew\u202finvestments in oil and gas\u202fdevelopers and\u202fhas not committed to vote against management-proposed resolutions of fossil fuel companies either.\u202f<\/span>\u00a0<\/span><\/p>\n

In practice,\u202fAXA Investment Managers has invested in at least\u202f13\u202frecently issued bonds of fossil fuel developers, that were issued between\u202f1 January 2024\u202fand\u202f30 June 2025,\u202frepresenting\u202fat least\u202fUSD\u202f94\u202fmillion of\u202fholdings in October 2025.\u202fBy buying new bonds, AXA Investments Managers provides fresh capital to these companies and enables them to launch new fossil fuel projects.<\/span>\u00a0<\/span><\/p>\n

Moreover, the vast majority of\u202fAXA Investments Managers\u2019 votes\u202fat the last annual general meetings supported the management of fossil fuel developers, with 66% of votes in favor of the actions of the boards of directors. Through these voting practices, AXA Investments Managers strongly\u202fapproves\u202fthe fossil fuel expansion plans of these companies and\u202fdisregards\u202fthat they are not aligned with climate science. AXA Investments Managers is <\/span>nevertheless<\/span> one of the asset managers that most often justified its opposing votes to the actions of the board of directors by climate-related rationales (6.5% of these resolutions).<\/span>\u00a0<\/span><\/p>\n<\/details><\/td>

France<\/td>\"\"\n<\/td>\"\"\n<\/td>\"\"\n<\/td>\"\"\n<\/td>\"\"\n<\/td> <\/tr>\n
\nBlackrock<\/summary>\n

Blackrock\u2018s activities still overwhelmingly support fossil fuel expansion.<\/span>\u202f<\/span>\u00a0<\/span><\/p>\n

Blackrock has not committed to\u202fstop\u202fnew investments in fossil fuel developers or to vote against management-proposed resolutions for these companies.<\/span>\u202f<\/span>\u00a0<\/span><\/p>\n

In practice, Blackrock has invested in at least 137 recently issued bonds of fossil fuel developers that were issued between\u202f1 January 2024\u202fand\u202f30 June 2025,\u202frepresenting\u202fat least\u202fUSD 2,881\u202fmillion of\u202fholdings in October 2025. By buying new bonds, Blackrock provides fresh capital to these companies and enables them to launch new fossil fuel projects.<\/span>\u00a0<\/span><\/p>\n

Moreover,\u202fthe vast majority of\u202fBlackrock\u2019s votes\u202fat the last annual general meetings supported the management of the largest fossil fuel developers, with 85% of votes in\u202ffavor\u202fof the actions of the board of directors, and 85% in\u202ffavor\u202fof the\u202fremuneration\u202fof top executives. Through these voting practices, Blackrock unconditionally approves the fossil fuel expansion plans of these companies and disregards that they are not aligned with climate science.<\/span>\u202f<\/span>\u00a0<\/span><\/p>\n<\/details><\/td>

United States<\/td>\"\"\n<\/td>\"\"\n<\/td>\"\"\n<\/td>\"\"\n<\/td>\"\"\n<\/td> <\/tr>\n
\nBNP Paribas Asset Management<\/summary>\n

BNP Paribas Asset Management\u2019s activities still support fossil fuel expansion.<\/span>\u00a0<\/span><\/p>\n

BNP Paribas Asset Management\u202ftook some\u202fimportant\u202fsteps to reduce its support for fossil fuel expansion by\u202fstopping\u202fnew investments in\u202fbonds\u202fissued on the primary market by\u202foil and gas exploration and production companies. The asset manager also\u202fexcludes companies developing new thermal coal mines and plants,\u202fanother\u202fleading practice.\u202fHowever,\u202fit should be noted that these measures\u202fdon\u2019t\u202fcover companies involved in\u202ftransporting oil and gas, or the development of new liquefied natural gas (LNG) export terminals, which are also a\u202fredline\u202fis a robust 1.5\u00b0C trajectory.<\/span>\u202f<\/span>\u00a0<\/span><\/p>\n

In practice, BNP Paribas Asset Management only invested in the secondary market in a limited amount of bonds recently issued by the largest fossil fuel developers compared with the other big asset managers. In October 2025, BNP Paribas Asset Management held 6 bonds of fossil fuel developers that were issued between\u202f1 January 2024\u202fand\u202f30 June\u00a0 2025, representing USD 28\u202fmillion of\u202fholdings.<\/span>\u00a0<\/span><\/p>\n

Regarding\u202fvoting practices,\u202fBNP Paribas\u202fAsset Management\u202fopposed 44% of\u202fresolutions linked with the\u202freelections of directors and\u202fthe\u202fdischarge of the boards of directors at these companies, and 34% of those linked with remuneration. But BNP Paribas Asset Management\u202fhas not\u202fformalized a clear commitment to systematically vote against these resolutions for all fossil fuel developers yet.<\/span>\u00a0<\/span><\/p>\n<\/details><\/td>

France<\/td>\"\"\n<\/td>\"\"<\/td>\"\"\n<\/td>\"\"\n<\/td>\"\"\n<\/td> <\/tr>\n
\nCapital Group<\/summary>\n

Capital Group\u2018s activities still overwhelmingly support fossil fuel expansion.<\/span>\u202f<\/span>\u00a0<\/span><\/p>\n

Capital Group has not committed to\u202fstop\u202fnew investments in fossil fuel developers or to vote against management-proposed resolutions for these companies.<\/span>\u202f<\/span>\u00a0<\/span><\/p>\n

In practice, Capital Group has invested in at least 46 recently issued bonds of fossil fuel developers that were issued between\u202f1 January 2024\u202fand\u202f30 June 2025,\u202frepresenting\u202fat least\u202fUSD 2,563\u202fmillion of\u202fholdings in October 2025. By buying new bonds, Capital Group provides fresh capital to these companies and enables them to launch new fossil fuel projects.<\/span>\u00a0<\/span><\/p>\n

Moreover,\u202fthe vast majority of\u202fCapital Group\u2019s votes\u202fat the last annual general meetings supported the management of the largest fossil fuel developers, as the asset manager did not disclose any vote against resolutions linked with the actions of the board of directors or with the remuneration of top executives. Through these voting practices, Capital Group unconditionally approves the fossil fuel expansion plans of these companies and disregards that they are not aligned with climate science.<\/span>\u202f<\/span>\u00a0<\/span><\/p>\n<\/details><\/td>

United States<\/td>\"\"\n<\/td>\"\"\n<\/td>\"\"\n<\/td>\"\"\n<\/td>\"\"\n<\/td> <\/tr>\n
\nDWS<\/summary>\n

DWS\u2018s activities still overwhelmingly support fossil fuel expansion.<\/span>\u202f<\/span>\u00a0<\/span><\/p>\n

DWS took\u202fan\u202fimportant\u202fstep\u202fto reduce its support to\u202fthermal coal\u202fexpansion by\u202fexcluding\u202fcompanies developing new coal mines,\u202fplants\u202fand infrastructure.\u202fHowever, this measure does not apply to all\u202fDWS\u2019s passive assets under management. In addition,\u202fthe asset manager\u202fhas not taken any commitment\u202fregarding\u202fcompanies developing new oil and gas\u202fprojects and\u202fhas not\u202fcommitted\u202fto vote against management-proposed resolution for fossil fuel developers.<\/span>\u202f<\/span>\u00a0<\/span><\/p>\n

In practice,\u202fDWS\u202fhas invested in at least\u202f79\u202frecently issued bonds of fossil fuel developers, that were issued between\u202f1 January 2024\u202fand\u202f30 June 2025,\u202frepresenting\u202fat least\u202fUSD\u202f254\u202fmillion\u202fof\u202fholdings in October 2025. By buying new bonds,\u202fDWS\u202fprovides fresh capital to these companies and enables them to launch new fossil fuel projects.<\/span>\u00a0<\/span><\/p>\n

Moreover, the asset manager supported the management of the largest fossil fuel developers at the last annual general meetings, with\u202f64% of votes in\u202ffavor\u202fof the actions of the\u202fboards\u202fof directors. Through these voting practices,\u202fDWS\u202fapproves the fossil fuel expansion plans of these companies and\u202fdisregards\u202fthat they are not aligned with climate science.<\/span>\u00a0<\/span><\/p>\n<\/details><\/td>

Germany<\/td>\"\"\n<\/td>\"\"\n<\/td>\"\"\n<\/td>\"\"\n<\/td>\"\"\n<\/td> <\/tr>\n
\nEurizon Asset Management<\/summary>\n

Eurizon\u202fAsset Management\u2019s\u202factivities still support fossil fuel expansion.<\/span>\u00a0<\/span><\/p>\n

Eurizon\u202fAsset Management\u202f<\/span>has not committed to stop new investments in fossil fuel developers or to vote against management-proposed resolutions for these companies.\u202f<\/span>\u00a0<\/span><\/p>\n

In practice,\u202fEurizon\u202fAsset Management<\/span>\u202fhas invested in at least 12 recently issued bonds of fossil fuel developers, that were issued between\u202f1 January 2024\u202fand\u202f30 June 2025,\u202frepresenting\u202fat least\u202fUSD 62\u202fmillion of holdings in October 2025. By buying new bonds,\u202f<\/span>Eurizon\u202fAsset Management<\/span>\u202fprovides fresh capital to these companies and enables them to launch new fossil fuel projects.<\/span>\u00a0<\/span><\/p>\n

Moreover,\u202fthe vast majority of\u202f<\/span>Eurizon\u202fAsset Management<\/span>\u2019s votes\u202fat the last annual general meetings supported the management of fossil fuel developers, with 70% of votes in\u202ffavor\u202fof the actions of the boards of directors, and 87% in\u202ffavor\u202fof the\u202fremuneration\u202fof top executives. Through these voting practices,\u202f<\/span>Eurizon\u202fAsset Management\u202f<\/span>unconditionally approves the fossil fuel expansion plans of these companies and disregards that they are not aligned with climate science.<\/span>\u00a0<\/span><\/p>\n<\/details><\/td>

Italy<\/td>\"\"\n<\/td>\"\"\n<\/td>\"\"\n<\/td>\"\"\n<\/td>\"\"\n<\/td> <\/tr>\n
\nFidelity International<\/summary>\n

Fidelity\u202fInternational\u2018s activities still strongly support fossil fuel expansion.\u202f<\/span>\u00a0<\/span><\/p>\n

Fidelity International has not committed to stop new investments in fossil fuel developers or to vote against management-proposed resolutions for these companies.\u202f<\/span>\u00a0<\/span><\/p>\n

In practice, Fidelity International has invested in at least 39 recently issued bonds of fossil fuel developers, that were issued between\u202f1 January 2024\u202fand\u202f30 June 2025,\u202frepresenting\u202fat least\u202fUSD 110 million of holdings in October 2025. By buying new bonds,\u202fFidelity International\u202fprovides fresh capital to these companies and enables them to launch new fossil fuel projects.<\/span>\u00a0<\/span><\/p>\n

Moreover,\u202fthe vast majority of\u202fFidelity International\u2019s votes\u202fat the last annual general meetings supported the management of fossil fuel developers, with 55%\u202fof votes in favor of the actions of the boards of directors. Through these voting practices,\u202fFidelity International\u202funconditionally approves the fossil fuel expansion plans of these companies and disregards that they are not aligned with climate science.<\/span>\u00a0<\/span><\/p>\n<\/details><\/td>

United Kingdom<\/td>\"\"\n<\/td>\"\"\n<\/td>\"\"\n<\/td>\"\"\n<\/td>\"\"\n<\/td> <\/tr>\n
\nFidelity Investments<\/summary>\n

Fidelity Investments\u2019 activities still overwhelmingly support fossil fuel expansion.\u202f<\/span>\u00a0<\/span><\/p>\n

Fidelity Investments has not committed to stop new investments in fossil fuel developers or to vote against management-proposed resolutions for these companies.\u202f<\/span>\u00a0<\/span><\/p>\n

In practice,\u202fFidelity Investments\u202fhas invested in at least\u202f62\u202frecently issued bonds of fossil fuel developers, that were issued between\u202f1 January 2024\u202fand\u202f30 June 2025,\u202frepresenting\u202fat least\u202fUSD\u202f810\u202fmillion of holdings in October 2025. By buying new bonds,\u202fFidelity Investments\u202fprovides fresh capital to these companies and enables them to launch new fossil fuel projects.<\/span>\u00a0<\/span><\/p>\n

Moreover,\u202fthe vast majority of\u202fFidelity Investments\u2019\u202fvotes\u202fat the last annual general meetings supported the management of fossil fuel developers, with\u202f90% of votes in\u202ffavor\u202fof the actions of the boards of directors, and\u202f91% in\u202ffavor\u202fof the\u202fremuneration\u202fof top executives. Through these voting practices,\u202fFidelity Investments\u202funconditionally approves the fossil fuel expansion plans of these companies and disregards that they are not aligned with climate science.\u202f<\/span>\u00a0<\/span><\/p>\n<\/details><\/td>

United States<\/td>\"\"\n<\/td>\"\"\n<\/td>\"\"\n<\/td>\"\"\n<\/td>\"\"\n<\/td> <\/tr>\n
\nGenerali Asset Management<\/summary>\n

Goldman Sachs Asset Management\u2019s activities still support fossil fuel expansion, notably through its voting practices.<\/span>\u00a0<\/span><\/p>\n

Generali Asset Management took some steps to reduce its support to fossil fuel expansion by\u202fexcluding some thermal coal\u202fdevelopers but\u202fdefined some exceptions to that commitment.\u202fHowever, the asset manager has still not taken any commitment to stop\u202fnew\u202finvestments in oil and gas\u202fdevelopers and\u202fhas not committed to vote against management-proposed resolutions of fossil fuel companies either.\u202f<\/span>\u00a0<\/span><\/p>\n

In practice, Generali Asset Management only holds a limited amount of bonds recently issued by the largest fossil fuel developers compared with the other big asset managers. In October 2025, Generali Asset Management held 10 bonds of fossil fuel developers that were issued between\u202f1 January 2024\u202fand\u202f30 June 2025,\u202frepresenting\u202fUSD 24\u202fmillion of\u202fholdings.<\/span>\u00a0<\/span><\/p>\n

Regarding voting practices,\u202fthe vast majority of\u202f<\/span>Generali\u202fAsset Management<\/span>\u2019s votes\u202fat the last annual general meetings supported the management of fossil fuel developers, with\u202fonly 5% of opposing votes to the actions of the boards of directors, and only\u202f5% to the\u202fremuneration\u202fof top executives. Through these voting practices,\u202f<\/span>Generali\u202fAsset Management\u202f<\/span>unconditionally approves the fossil fuel expansion plans of these companies and disregards that they are not aligned with climate science.<\/span>\u00a0<\/span><\/p>\n<\/details><\/td>

Italy<\/td>\"\"\n<\/td>\"\"\n<\/td>\"\"\n<\/td>\"\"\n<\/td>\"\"\n<\/td> <\/tr>\n
\nGoldman Sachs Asset Management<\/summary>\n

Goldman Sachs Asset Management\u2019s activities still overwhelmingly support fossil fuel expansion.\u202f<\/span>\u00a0<\/span><\/p>\n

Goldman Sachs Asset Management has not committed to stop new investments in fossil fuel developers or to vote against management-proposed resolutions for these companies.\u202f<\/span>\u00a0<\/span><\/p>\n

In practice, Goldman Sachs Asset Management has invested in at least 48 recently issued bonds of fossil fuel developers, that were issued between\u202f1 January 2024\u202fand\u202f30 June 2025,\u202frepresenting\u202fat least\u202fUSD 156 million of holdings in October 2025. By buying new bonds, Goldman Sachs Asset Management provides fresh capital to these companies and enables them to launch new fossil fuel projects.<\/span>\u00a0<\/span><\/p>\n

Moreover,\u202fthe vast majority of\u202f<\/span>Goldman Sachs Asset Management\u2019s <\/span>votes\u202fat the last annual general meetings supported the management of the largest fossil fuel developers, as the asset manager disclosed almost no vote against any resolution linked with the actions of the board of directors or with the remuneration of top executives. Through these voting practices, <\/span>Goldman Sachs Asset Management\u2019s <\/span>unconditionally approves the fossil fuel expansion plans of these companies and disregards that they are not aligned with climate science.<\/span>\u202f<\/span>\u00a0<\/span><\/p>\n<\/details><\/td>

United States<\/td>\"\"\n<\/td>\"\"\n<\/td>\"\"\n<\/td>\"\"\n<\/td>\"\"\n<\/td> <\/tr>\n
\nHSBC Asset Management<\/summary>\n

HSBC Asset Management\u2019 s activities still overwhelmingly support fossil fuel expansion.\u202f<\/span>\u00a0<\/span><\/p>\n

HSBC Asset Management took some steps to reduce its support to\u202fthermal coal\u202fexpansion by excluding some coal developers. However, the asset manager has still not taken any commitment to stop\u202fnew\u202finvestments in oil and gas\u202fdevelopers, and\u202fhas not committed to vote against management-proposed resolutions of fossil fuel companies either.\u202f<\/span>\u00a0<\/span><\/p>\n

In practice,\u202fHSBC\u202fAsset Management<\/span>\u202fhas invested in at least\u202f45 recently issued bonds of fossil fuel developers, that were issued between\u202f1 January 2024\u202fand\u202f30 June 2025,\u202frepresenting\u202fat least\u202fUSD\u202f316\u202fmillion of holdings in October 2025. By buying new bonds,\u202f<\/span>HSBC\u202fAsset Management<\/span>\u202fprovides fresh capital to these companies and enables them to launch new fossil fuel projects.<\/span>\u00a0<\/span><\/p>\n

Moreover,\u202fthe vast majority of\u202f<\/span>HSBC\u202fAsset Management<\/span>\u2019s votes\u202fat the last annual general meetings supported the management of fossil fuel developers, with\u202f79% of votes in\u202ffavor\u202fof the actions of the boards of directors. Through these voting practices,\u202f<\/span>HSBC\u202fAsset Management\u202f<\/span>unconditionally approves the fossil fuel expansion plans of these companies and disregards that they are not aligned with climate science.\u202f<\/span>\u00a0<\/span><\/p>\n<\/details><\/td>

United Kingdom<\/td>\"\"\n<\/td>\"\"\n<\/td>\"\"\n<\/td>\"\"\n<\/td>\"\"\n<\/td> <\/tr>\n
\nJanus Henderson<\/summary>\n

Janus Henderson\u2019s\u202factivities still strongly support fossil fuel expansion.<\/span>\u202f<\/span>\u00a0<\/span><\/p>\n

Janus Henderson<\/span>\u202fhas not committed to stop new investments in fossil fuel developers or to vote against management-proposed resolutions for these companies.\u202f<\/span>\u00a0<\/span><\/p>\n

In practice,\u202fJanus Henderson<\/span>\u202fhas invested in at least 9 recently issued bonds of\u202foil and gas\u202fdevelopers, that were issued between\u202f1 January 2024\u202fand\u202f30 June 2025,\u202frepresenting\u202fat least\u202fUSD 143 million of holdings in October 2025. By buying new bonds,\u202f<\/span>Janus Henderson<\/span>\u202fprovides fresh capital to these companies and enables them to launch new fossil fuel projects.<\/span>\u00a0<\/span><\/p>\n

Moreover,\u202fthe vast majority of\u202f<\/span>Janus Henderson<\/span>\u2019s votes\u202fat the last annual general meetings supported the\u202ffossil fuel expansion,<\/span>\u202fas the asset manager did not disclose any vote against resolutions linked with the actions of the board of directors or with the remuneration of top executives<\/span>. Through these voting practices,\u202fJanus Henderson\u202funconditionally approves the fossil fuel expansion plans of these companies and disregards that they are not aligned with climate science.<\/span>\u00a0<\/span><\/p>\n<\/details><\/td>

United Kingdom<\/td>\"\"\n<\/td>\"\"\n<\/td>\"\"\n<\/td>\"\"\n<\/td>\"\"\n<\/td> <\/tr>\n
\nJP Morgan Asset Management<\/summary>\n

JP Morgan Asset Management\u2019s activities still overwhelmingly support fossil fuel expansion.\u202f<\/span>\u00a0<\/span><\/p>\n

JP Morgan Asset Management has not committed to stop new investments in fossil fuel developers or to vote against management-proposed resolutions for these companies.\u202f<\/span>\u00a0<\/span><\/p>\n

In practice, JP Morgan Asset Management has invested in at least 58 recently issued bonds of fossil fuel developers, that were issued between\u202f1 January 2024\u202fand\u202f30 June 2025,\u202frepresenting\u202fat least\u202fUSD 1,002 million of holdings in October 2025. By buying new bonds, JP Morgan Asset Management provides fresh capital to these companies and enables them to launch new fossil fuel projects.<\/span>\u00a0<\/span><\/p>\n

Moreover,\u202fthe vast majority of\u202fJP Morgan Asset Management\u2019s votes\u202fat the last annual general meetings supported the management of fossil fuel developers, with 79% of votes in favor of the actions of the boards of directors and 64% of votes in favor of the remuneration of top executives. Through these voting practices,\u202fJP Morgan Asset Management\u202funconditionally approves the fossil fuel expansion plans of these companies and disregards that they are not aligned with climate science.<\/span>\u00a0<\/span><\/p>\n<\/details><\/td>

United States<\/td>\"\"\n<\/td>\"\"\n<\/td>\"\"\n<\/td>\"\"\n<\/td>\"\"\n<\/td> <\/tr>\n
\nLegal & General Investment Management<\/summary>\n

Legal & General Investment Management\u2019s activities still strongly support fossil fuel expansion.<\/span>\u202f<\/span>\u00a0<\/span><\/p>\n

Legal & General Investment Management <\/span>has not committed to stop new investments in fossil fuel developers or to vote against management-proposed resolutions for these companies.<\/span>\u00a0<\/span><\/p>\n

In practice Legal & General Investment Management\u202fhas invested in at least\u202f41\u202frecently issued bonds of fossil fuel developers, that were issued between\u202f1 January 2024\u202fand\u202f30 June 2025,\u202frepresenting\u202fat least\u202fUSD\u202f140\u202fmillion of\u202fholdings in October 2025.<\/span>\u202fBy buying new bonds, JP Morgan Asset Management provides fresh capital to these companies and enables them to launch new fossil fuel projects.<\/span>\u00a0<\/span><\/p>\n

Moreover,\u202fLegal & General Investment Management\u202fmentions the possibility to vote against the chair of the board of directors for companies expanding their fossil fuel production. However, this\u202fmeasure is not applied systematically\u202fto\u202fall fossil fuel developers. In fact, the vast majority of\u202fLegal & General Investment Management\u2019 votes\u202fat the last annual general meetings supported the management of fossil fuel developers, with 67% of votes in favor of the actions of the boards of directors. Through these voting practices, Legal & General Investment Management\u202fcontinues to\u202fapprove\u202fthe fossil fuel expansion plans of these companies and\u202fdisregards\u202fthat they are not aligned with climate science. Legal & General Investment Management is <\/span>nevertheless<\/span> one of the asset managers that most often justified its opposing votes to the actions of the board of directors by climate-related rationales (9.5% of these resolutions).<\/span>\u00a0<\/span><\/p>\n<\/details><\/td>

United Kingdom<\/td>\"\"\n<\/td>\"\"\n<\/td>\"\"\n<\/td>\"\"\n<\/td>\"\"\n<\/td> <\/tr>\n
\nLoomis Sayles<\/summary>\n

Loomis Sayles\u2019<\/span>\u202factivities still strongly support fossil fuel expansion.\u202f<\/span>\u00a0<\/span><\/p>\n

Loomis Sayles<\/span>\u202fhas not committed to stop new investments in fossil fuel developers or to vote against management-proposed resolutions for these companies.\u202f<\/span>\u00a0<\/span><\/p>\n

In practice,\u202f<\/span>Loomis Sayles<\/span>\u202fhas invested in at least 15 recently issued bonds of fossil fuel developers, that were issued between\u202f1 January 2024\u202fand\u202f30 June 2025,\u202frepresenting\u202fat least\u202fUSD 151 million of holdings in October 2025. By buying new bonds,\u202f<\/span>Loomis Sayles<\/span>\u202fprovides fresh capital to these companies and enables them to launch new fossil fuel projects.<\/span>\u00a0<\/span><\/p>\n

Moreover,\u202fLoomis Sayles did not disclose any votes for 89% of resolutions linked with\u00a0 the actions of the boards of directors. These voting practices both reveal a major lack of transparency and <\/span>unconditionally approve the fossil fuel expansion plans of these companies, disregarding that they are not aligned with climate science.<\/span>\u00a0<\/span><\/p>\n

Moreover,\u202fLoomis Sayles did not disclose its votes for 89% of resolutions linked with the actions of the board of directors. These voting practices both reveal a major lack of transparency and potentially an important missed opportunity to sanction the climate strategies of fossil fuel developers.<\/span>\u00a0<\/span><\/p>\n<\/details><\/td>

France \/ United States<\/td>\"\"\n<\/td>\"\"\n<\/td>\"\"\n<\/td>\"\"\n<\/td>\"\"\n<\/td> <\/tr>\n
\nM&G Investments<\/summary>\n

M&G Investments\u2019 activities still strongly support fossil fuel expansion.<\/span>\u00a0<\/span><\/p>\n

M&G Investments took some important steps to reduce its support to\u202fthermal coal\u202fexpansion by excluding companies developing new coal mines, power plants and infrastructure. However, this commitment does not apply to assets that are passively managed by M&G Investments. Moreover, the asset manager has still not taken any similar commitment to stop\u202fnew\u202finvestments companies developing new oil and gas\u202fprojects, and\u202fhas not committed to vote against management-proposed resolutions of fossil fuel companies either.<\/span>\u00a0<\/span><\/p>\n

In practice, <\/span>M&G Investments <\/span>has invested in at least\u202f11\u202frecently issued bonds of fossil fuel developers that were issued between\u202f1 January 2024\u202fand\u202f30 June 2025, representing at least\u202fUSD\u202f72\u202fmillion of\u202fholdings in October 2025.\u202fBy buying new bonds,\u202f<\/span>M&G Investments <\/span>provides fresh capital to these companies and enables them to launch new fossil fuel projects.<\/span>\u00a0<\/span><\/p>\n

Regarding voting practices,\u202fthe vast majority of\u202f<\/span>M&G Investments\u2019 <\/span>votes\u202fat the last annual general meetings supported the management of the largest fossil fuel developers, with\u202f88% of votes in\u202ffavor\u202fof the actions of the boards of directors and 90% in favor of the remuneration of top executives. Through these voting practices,\u202f<\/span>M&G Investments <\/span>unconditionally approves the fossil fuel expansion plans of these companies and disregards that they are not aligned with climate science.<\/span>\u202f<\/span>\u00a0<\/span><\/p>\n<\/details><\/td>

United Kingdom<\/td>\"\"\n<\/td>\"\"\n<\/td>\"\"\n<\/td>\"\"\n<\/td>\"\"\n<\/td> <\/tr>\n
\nNordea Asset Management<\/summary>\n

Nordea Asset Management\u2019s activities still support fossil fuel expansion, notably through its votes at annual general meetings.<\/span>\u00a0<\/span><\/p>\n

Nordea Asset Management\u202ftook some steps to reduce its support to fossil fuel expansion by\u202fstopping\u202fnew investments in\u202fcompanies involved in several unconventional sectors (arctic drilling, tar sand, fracking) for the majority of its assets under management. The asset manager also excludes companies developing new coal power plants but has not taken the same commitment for thermal coal mines.\u00a0<\/span>\u00a0<\/span><\/p>\n

In practice, the asset manager only holds a limited number of bonds recently issued by these companies compared to other big asset managers. <\/span>In October 2025,\u202fNordea Asset Management held\u202f8 bonds\u202fissued\u202fbetween\u202f1 January 2024\u202fand\u202f30 June 2025\u202fby\u202ffossil fuel developers,\u202frepresenting\u202fUSD 10 million of holdings.<\/span>\u00a0<\/span><\/p>\n

Regarding voting practices, Nordea Asset Management has not committed to vote against management-proposed resolutions of fossil fuel companies and continues to vote strongly in favor of the management of fossil fuel developers. At the last annual general meetings, Nordea Asset Management voted in favor of 91% of resolutions linked with the actions of the board of directors. Through these voting practices,\u202fNordea Asset Management\u202fcontinues to approve the fossil fuel expansion plans of these companies and disregards that they are not aligned with climate science.\u202f<\/span>\u00a0<\/span><\/p>\n<\/details><\/td>

Denmark<\/td>\"\"\n<\/td>\"\"<\/td>\"\"\n<\/td>\"\"\n<\/td>\"\"\n<\/td> <\/tr>\n
\nOstrum Asset Management<\/summary>\n

Ostrum Asset Management\u2019s activities still support fossil fuel expansion, through its votes at annual general meetings.<\/span>\u00a0<\/span><\/p>\n

Ostrum Asset Management mentions the possibility to vote against the reelections or the discharge of the boards for companies pursuing fossil fuel expansion. However, this measure is not applied systematically to all fossil fuel developers.<\/span>\u00a0<\/span><\/p>\n

In practice, Ostrum Asset Management only holds shares in 3 of the biggest fossil fuel developers: Eni, TotalEnergies and Shell. However, at the last annual general meetings, Ostrum Asset Management did not seize the opportunities to oppose the actions of the board of directors and voted in favor of 93% of these resolutions.<\/span>\u00a0<\/span><\/p>\n

On the investment side, Ostrum Asset Management took\u202fan important\u202fstep\u202fto reduce its support to\u202fthermal coal expansion\u202f<\/span>by stopping all new investments in companies developing new coal mines,\u202fplants\u202fand infrastructure.\u202f<\/span>However, the asset manager has still not taken any\u202fsimilar\u202fcommitment\u202ffor\u202foil and gas developers.<\/span>\u00a0<\/span><\/p>\n

In practice, Ostrum Asset Management does not hold any bond recently issued by the largest fossil fuel developers: a robust oil and gas policy would guarantee that these investments practices remain on the long term, aligned with the recommendations based on climate science.<\/span>\u00a0<\/span><\/p>\n<\/details><\/td>

France<\/td>\"\"\n<\/td>\"\"<\/td>\"\"\n<\/td>\"\"\n<\/td>\"\"\n<\/td> <\/tr>\n
\nPIMCO<\/summary>\n

PIMCO\u2018s activities still overwhelmingly support fossil fuel expansion.\u202f<\/span>\u00a0<\/span><\/p>\n

PIMCO has not committed to stop new investments in fossil fuel developers or to vote against management-proposed resolutions for these companies.\u202f<\/span>\u00a0<\/span><\/p>\n

In practice, PIMCO has invested in at least 87 recently issued bonds of fossil fuel developers, that were issued between\u202f1 January 2024\u202fand\u202f30 June 2025,\u202frepresenting\u202fat least\u202fUSD 2,017 million of holdings in October 2025. By buying new bonds, PIMCO provides fresh capital to these companies and enables them to launch new fossil fuel projects.<\/span>\u00a0<\/span><\/p>\n

Moreover, the majority of PIMCO\u2019s votes\u202fat the last annual general meetings supported the management of fossil fuel developers, with 61 % of votes in favor of the actions of the boards of directors. Through these voting practices,\u202fPIMCO\u202funconditionally approves the fossil fuel expansion plans of these companies and disregards that they are not aligned with climate science.<\/span>\u00a0<\/span><\/p>\n<\/details><\/td>

Germany \/ United States<\/td>\"\"\n<\/td>\"\"\n<\/td>\"\"\n<\/td>\"\"\n<\/td>\"\"\n<\/td> <\/tr>\n
\nSchroders<\/summary>\n

Schroders\u2018 activities\u202fstill overwhelmingly support fossil fuel expansion.<\/span>\u202f<\/span>\u00a0<\/span><\/p>\n

Schroders has not committed to\u202fstop\u202fnew investments in fossil fuel developers or to vote against management-proposed resolutions for these companies.<\/span>\u202f<\/span>\u00a0<\/span><\/p>\n

In practice, Schroders has invested in at least\u202f42\u202frecently issued bonds of fossil fuel developers that were issued between\u202f1 January 2024\u202fand\u202f30 June 2025,\u202frepresenting\u202fat least\u202fUSD\u202f182\u202fmillion of\u202fholdings in October 2025.\u202fBy buying new bonds, Schroders provides fresh capital to these companies and enables them to launch new fossil fuel projects.<\/span>\u00a0<\/span><\/p>\n

Moreover,\u202fthe vast majority of\u202fSchroders\u2019\u202fvotes\u202fat the last annual general meetings supported the management of the largest fossil fuel developers, with\u202f82% of votes in\u202ffavor\u202fof the actions of the boards of directors. Through these voting practices,\u202fSchroders\u202funconditionally approves the fossil fuel expansion plans of these companies and disregards that they are not aligned with climate science.<\/span>\u00a0<\/span><\/p>\n<\/details><\/td>

United Kingdom<\/td>\"\"\n<\/td>\"\"\n<\/td>\"\"\n<\/td>\"\"\n<\/td>\"\"\n<\/td> <\/tr>\n
\nState Street Investment Management<\/summary>\n

State Street Investment Management\u2019s activities still overwhelmingly support fossil fuel expansion.<\/span>\u00a0<\/span><\/p>\n

State Street Investment Management has not committed to stop new investments in fossil fuel developers or to vote against management-proposed resolutions for these companies.\u202f<\/span>\u00a0<\/span><\/p>\n

In practice, State Street Investment Management has invested in at least 95 recently issued bonds of fossil fuel developers, that were issued between\u202f1 January 2024\u202fand\u202f30 June 2025,\u202frepresenting\u202fat least\u202fUSD 336 million of holdings in October 2025. By buying new bonds, State Street Investment Management provides fresh capital to these companies and enables them to launch new fossil fuel projects.<\/span>\u00a0<\/span><\/p>\n

Moreover, the vast majority of\u202fState Street Investment Management\u2019s\u202fvotes\u202fat the last annual general meetings supported the management of fossil fuel developers, with\u202f92 % of votes in\u202ffavor\u202fof the actions of the boards of directors, and\u202f88 % in\u202ffavor\u202fof the remuneration of top executives. Through these voting practices,\u202fState Street Investment Management\u202funconditionally approves the fossil fuel expansion plans of these companies and disregards that they are not aligned with climate science.<\/span>\u00a0<\/span><\/p>\n<\/details><\/td>

United States<\/td>\"\"\n<\/td>\"\"\n<\/td>\"\"\n<\/td>\"\"\n<\/td>\"\"\n<\/td> <\/tr>\n
\nSwiss Life AM<\/summary>\n

Swiss Life Asset\u202fManagers\u2019 activities still support fossil fuel expansion.\u202f<\/span>\u00a0<\/span><\/p>\n

Swiss Life Asset\u202fManagers has not committed to stop new investments in fossil fuel developers or to vote against management-proposed resolutions for these companies.\u202f<\/span>\u00a0<\/span><\/p>\n

In practice, Swiss Life Asset Managers only holds a limited amount invested in bonds recently issued by the largest fossil fuel developers compared with the other big asset managers. In October 2025, Swiss Life Asset Managers held 46 bonds of fossil fuel developers that were issued between\u202f1 January 2024\u202fand\u202f30 June 2025,\u202frepresenting\u202fUSD 39\u202fmillion of\u202fholdings.<\/span>\u00a0<\/span><\/p>\n

Moreover,\u202fSwiss Life Asset Managers did not disclose its votes for 80% of the remunerations linked with the remuneration of top executives of these companies. These voting practices both reveal a major lack of transparency and potentially an important missed opportunity to sanction the climate strategies of fossil fuel developers.<\/span>\u00a0<\/span><\/p>\n<\/details><\/td>

Switzerland<\/td>\"\"\n<\/td>\"\"\n<\/td>\"\"\n<\/td>\"\"\n<\/td>\"\"\n<\/td> <\/tr>\n
\nUBS Asset Management<\/summary>\n

UBS Asset\u202fManagement\u2018s activities still overwhelmingly support fossil fuel expansion.\u202f<\/span>\u00a0<\/span><\/p>\n

UBS Asset Management has not committed to stop new investments in fossil fuel developers or to vote against management-proposed resolutions for these companies.\u202f<\/span>\u00a0<\/span><\/p>\n

In practice, UBS Asset Management has invested in at least 105 recently issued bonds of fossil fuel developers, that were issued between\u202f1 January 2024\u202fand\u202f30 June 2025,\u202frepresenting\u202fat least\u202fUSD 553 million of holdings in October 2025. By buying new bonds, UBS Asset Management provides fresh capital to these companies and enables them to launch new fossil fuel projects.<\/span>\u00a0<\/span><\/p>\n

Moreover,\u202fthe vast majority of\u202fUBS Asset Management\u2019s votes\u202fat the last annual general meetings supported the management of fossil fuel developers, with\u202f83 % of votes in\u202ffavor\u202fof the actions of the boards of directors. Through these voting practices,\u202fUBS Asset Management\u202funconditionally approves the fossil fuel expansion plans of these companies and disregards that they are not aligned with climate science.\u202f<\/span>\u00a0<\/span><\/p>\n<\/details><\/td>

Switzerland<\/td>\"\"\n<\/td>\"\"\n<\/td>\"\"\n<\/td>\"\"\n<\/td>\"\"\n<\/td> <\/tr>\n
\nUnion Investment<\/summary>\n

Union Investment\u2019s activities still support fossil fuel expansion, mainly through its investment practices.<\/span>\u00a0<\/span><\/p>\n

Union Investment took\u202frobust measures to reduce its support to fossil fuel expansion by\u202fcommitting to vote against some management-proposed resolutions of fossil fuel developers. In practice, the asset manager opposed 95% of\u202fthe resolutions linked with the\u202freelections of directors and\u202fthe\u202fdischarge of the boards of directors of the largest fossil fuel developers at the last annual general meetings, showing a leading practice among large asset managers. The asset manager also opposed 59% of those linked with the\u202fremuneration\u202fof top executives\u202fof these companies.<\/span>\u00a0<\/span><\/p>\n

On the investment side, Union Investment excludes some coal\u202fdevelopers but\u202fstill leaves room for new investments in fossil fuel developers\u202fin its investment policy.\u202fThe asset manager\u202f<\/span>has invested in at least 23 bonds issued by fossil fuel developers between\u202f1 January 2024\u202fand\u202f30 June 2025,\u202frepresenting\u202fat least\u202fUSD 138\u202fmillion of holdings in October 2025. By buying new bonds, Union Investment provides fresh capital to these companies and enables them to launch new fossil fuel projects.\u202f<\/span>\u00a0<\/span><\/p>\n<\/details><\/td>

Germany<\/td>\"\"\n<\/td>\"\"\n<\/td>\"\"<\/td>\"\"<\/td>\"\"<\/td> <\/tr>\n
\nVanguard<\/summary>\n

Vanguard\u2019s activities still overwhelmingly support fossil fuel expansion.\u202f<\/span>\u00a0<\/span><\/p>\n

Vanguard has not committed to stop new investments in fossil fuel developers or to vote against management-proposed resolutions for these companies.\u202f<\/span>\u00a0<\/span><\/p>\n

In practice, Vanguard has invested in at least 115 recently issued bonds of fossil fuel developers, that were issued between\u202f1 January 2024\u202fand\u202f30 June 2025,\u202frepresenting\u202fat least\u202fUSD 4,204 million of holdings in October 2025. By buying new bonds, Vanguard provides fresh capital to these companies and enables them to launch new fossil fuel projects.<\/span>\u00a0<\/span><\/p>\n

Moreover,\u202fthe vast majority of\u202fVanguard\u2019s votes\u202fat the last annual general meetings supported the management of fossil fuel developers, with\u202f85% of votes in\u202ffavor\u202fof the actions of the boards of directors, and 87% in\u202ffavor\u202fof the\u202fremuneration\u202fof top executives. Through these voting practices,\u202fVanguard\u202funconditionally approves the fossil fuel expansion plans of these companies and disregards that they are not aligned with climate science.\u202f<\/span>\u00a0<\/span><\/p>\n<\/details><\/td>

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Methodology<\/h2><\/span>
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Reclaim Finance analyzed the climate commitments and concrete actions of asset managers regarding fossil fuel developers, i.e. companies developing new fossil fuel projects and contributing to fossil fuel expansion. We focused on the 7 largest asset managers based in the US and the 23 largest asset managers based in Europe.<\/p>\n

The analysis includes three components:<\/p>\n

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  1. An assessment of fossil fuel policies, which looks into commitments to restrict new investments to fossil fuel developers and commitments regarding proxy voting for fossil fuel developers.<\/li>\n
  2. An assessment of holdings in recently issued fossil fuel developer bonds.<\/li>\n
  3. An assessment of proxy votes at the annual general meetings (AGMs) of large fossil fuel developers.<\/li>\n<\/ol>\n<\/div>
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    Good practices<\/h2><\/span>
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    Only a few asset managers have taken significant steps to align their practices with climate science. But for most, there is still room for improvement in ending support for fossil fuel expansion. Reclaim Finance presents a selection of good practice examples below. <\/p>\n<\/div><\/div><\/div>

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    La Fran\u00e7aise \u2013 Cr\u00e9dit Mutuel Asset Management, Mandarine Gestion, MN, Ofi Invest Asset Management, Ostrum Asset Management and PGGM do not hold any bonds recently issued by the largest fossil fuel developers<\/strong> (as of early October 2025).<\/p>\n<\/div><\/div><\/div><\/div><\/div><\/div>

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    Several asset managers have adopted ambitious commitments to reduce their investments in companies pursuing fossil fuel expansion, although some climate-risky investments remain possible.<\/strong> For example, BNP Paribas Asset Management has stopped buying bonds from oil and gas producers on the primary market but can still invest in developers of liquefied natural gas terminals.<\/p>\n<\/div><\/div><\/div><\/div><\/div><\/div>

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    Union Investment strongly opposes fossil fuel expansion strategies in its votes at annual general meetings.<\/strong> The asset manager opposed 95% of resolutions approving the actions of the boards of directors of the largest fossil fuel developers in 2025. However, the manager still has significant investments in bonds recently issued by fossil fuel developers.<\/p>\n<\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/div>

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    Recommendations<\/h2><\/span>
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    Reclaim Finance calls on asset owners to use the results of this analysis to review the alignment of their interests with those of their asset managers, and to act on the results.<\/p>\n

    We recommend to asset owners:<\/b><\/p>\n<\/div><\/div><\/div>