The NGO Reclaim Finance calls on asset managers to put the employee savings entrusted to them at the service of the climate, while “84% of funds” invest in companies developing new fossil energy projects, indicates t -she Wednesday.
Reclaim Finance screened the funds of 16 employee savings managers in France, including Amundi (Crdit Agricole group) and Natixis IM (BPCE/Natixis group) which account for 2/3 of the market, indicated in a press release this NGO center on the climate impact of finance.
The third savings product for the French with 180 billion euros according to the French financial management association, employee savings could play an essential role in financing the ecological transition, assures Reclaim Finance.
Even funds entitled sustainable invest in gloves of fossil expansion
However, according to the NGO, 84% of employee savings funds today invest in companies developing new coal, oil and gas projects. Even funds titled sustainable invest in fossil fuel expansion giants, such as TotalEnergies, which is present in 7 out of 10 funds, according to the press release.
Certain employee savings funds are also invested in companies like Glencore, which are developing new coal-related projects even though their asset managers are no longer willing to support its expansion, indicates Reclaim Finance.
Amundi and Natixis IM are among those most often exposed to fossil developers with more than 94% and 78% of their employee savings funds respectively invested in companies developing new coal, oil and gas projects, states the NGO.
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