September 21, 20<\/span>26, Paris<\/span>\u00a0– Caisse des <\/span>D<\/span>\u00e9p\u00f4ts<\/span>,<\/span><\/span> the third largest asset owner in Europe (1),<\/span><\/span><\/span> has announced that it will stop <\/span>b<\/span>u<\/span>ying<\/span> new bonds<\/span> issued by oil-producing companies<\/span>, <\/span>like <\/span>TotalEnergies. Until now, the<\/span> public institution<\/span> had been able to invest Fr<\/span>e<\/span>nch people<\/span>\u2019s savings<\/span> in companies developing new oil and gas projects. Reclaim Financ<\/span>e welco<\/span>mes this announcement<\/span> as a <\/span>significant step <\/span>forward but<\/span> points out<\/span> that <\/span>the policy <\/span>remains<\/span> incomplete since <\/span>fossil <\/span>gas<\/span> is notably absent<\/span>. The NGO calls on Caisse des <\/span>D\u00e9p\u00f4ts<\/span> to go further by acknowledging the major climate challenges associated with the expansion of fossil gas<\/span>,<\/span> and by extending its commitments<\/span> a<\/span>cross<\/span> the <\/span>rest of the value chain, including liquefied natural gas (LNG) terminals and new gas-fired power plants.<\/span><\/span> All European investors should follow the example of the Caisse des <\/span>D\u00e9p\u00f4ts<\/span> and stop investing in companies that continue to develop fossil fuels.<\/span><\/span><\/span>\u00a0<\/span><\/p>\n<\/div> Caisse des D\u00e9p\u00f4ts, a French public institution that manages 320 billion euros in assets – most of which comes from French savings accounts like <\/span>Livret A<\/span><\/i>, <\/span>Livret de D\u00e9veloppement Durable et Solidaire<\/span><\/i>, and<\/span> Livret d’\u00c9pargne Populaire<\/span><\/i> – has updated its climate policy (2) and announced:<\/span>\u00a0<\/span><\/p>\n While the institution held 9.8 billion euros in assets in companies operating in the fossil fuel sector at the end of 2025, the announced measures mark a real step forward. The new commitments apply to TotalEnergies, of which Caisse des D\u00e9p\u00f4ts is the tenth-largest shareholder (3). This means that Caisse des D\u00e9p\u00f4ts will no longer be able to buy new bonds issued by TotalEnergies, even though bonds are one of the company\u2019s main sources of financing.<\/span>\u00a0<\/span><\/p>\n However, there are still some important gaps. The new measures do not cover companies further down the fossil fuel value chain, particularly those developing new LNG terminals and gas-fired power plants. More broadly, the commitments do not address the issue of fossil gas, even though, in practice, most oil producers are also gas producers and will therefore be affected by these new measures.<\/span><\/p>\n<\/div><\/div><\/div> Caisse<\/span> des <\/span>D\u00e9p\u00f4ts<\/span> is taking a major step forward by ending new debt investments in some fossil fuel companies. This decision comes as civil society is increasingly <\/span>calling <\/span>\u00a0out<\/span> the<\/span> use o<\/span>f <\/span>Livret<\/span> A savings accounts to finance companies like TotalEnergies. <\/span>But <\/span>this measure only part<\/span>ly<\/span> addresses their <\/span>concerns<\/span>, as it <\/span>fails to<\/span> inclu<\/span>de any sp<\/span>ecific action <\/span>regarding<\/span> fossil gas. For example, <\/span>there is <\/span>nothin<\/span>g<\/span> prevent<\/span>ing<\/span> Caisse des <\/span>D\u00e9p\u00f4ts<\/span> from continuing to finance companies developing new gas transportation infrastructure, particularly liquefied natural gas (LNG) terminals, such as ENGIE. <\/span>At a time when<\/span> many <\/span>other <\/span>investors, <\/span>including<\/span> Fre<\/span>nch pension body <\/span>Ircantec<\/span> and <\/span>life insurers <\/span>like <\/span>Maif and <\/span>Suravenir<\/span>, have already <\/span>stopped<\/span> all new investments in companies involved in LNG expansion, Caisse des <\/span>D\u00e9p\u00f4ts<\/span> must go further and stop financing fossil fuel expansion across the entire value chain<\/span>.<\/span>\u00a0<\/span><\/p>\n<\/div> Agathe Masson, Reclaim Finance sustainable investments campaigner<\/p>\n<\/div><\/div><\/div> These announcements come as Reclaim Finance published a report last year (4) highlighting the flaws in Caisse des D\u00e9p\u00f4ts’ investment policy, which at the time still allowed the institution to finance companies involved in the development of new oil and gas t projects. The NGO also raised concerns about the public institution\u2019s lack of transparency regarding its investments, its votes in favor of management-proposed resolutions at the annual general meetings of these same companies, and its choice of external asset managers. While Caisse des D\u00e9p\u00f4ts has now finally responded to concerns about its continued investments in oil expansion with these new commitments, it has not made any progress on these other issues.<\/span>\u00a0<\/span><\/p>\n Against the backdrop of a summer marked by exceptional heat waves, Reclaim Finance calls on the Caisse des D\u00e9p\u00f4ts to build on the positive momentum of its announcements and end its financing of companies driving fossil fuel expansion across the rest of the value chain.<\/span>\u00a0<\/span><\/p>\n These announcements should also serve as a wake-up call to European investors who are still financing the development of fossil fuels: it is time to stop investing in companies that are exacerbating climate change.<\/span>\u00a0<\/span><\/p>\n<\/div><\/div><\/div>\n