What to expect from Climate Finance Day 2022

Reclaim Finance expresses skepticism regarding Climate Finance Day 2022, arguing that major French banks and insurers are failing to align with scientific recommendations to end oil and gas expansion. While 15 investors have adopted exclusion policies, heavyweights like BNP Paribas and AXA are criticized for relying on decarbonization targets or limited exclusions rather than full exits from new fossil fuel projects.

• There is a divide in the Paris financial center regarding oil and gas expansion; while 15 investors have taken action against new oil and gas fields, major banking groups such as BNP Paribas, Crédit Agricole, and Société Générale rely on decarbonization targets that do not guarantee an end to supporting new projects.
• French (re)insurers AXA and SCOR are lagging behind Swiss and German peers like Allianz and Munich Re; AXA and SCOR have only committed to stopping oil projects, with AXA's policy not taking effect until 2024 and allowing for 'in transition' exceptions.
• Despite a call from Minister Bruno Le Maire for French institutions to exit non-conventional oil and gas by 2030, major banks and insurers have only implemented limited measures, and some players, such as FRR and ERAFP, lack an oil and gas policy entirely.
• The author expresses concern that the upcoming Institute for Sustainable Finance and updates to the SRI label may hinder decarbonization in the Paris financial center, noting that the Institute is viewed by some as a less ambitious replacement for Finance For Tomorrow.

APA

Martin, L. (2022). What to expect from Climate Finance Day 2022. Reclaim Finance. https://reclaimfinance.org/site/en/2022/10/25/what-to-expect-from-climate-finance-day-2022/

Chicago

Martin, Léo. What to expect from Climate Finance Day 2022. Reclaim Finance, 2022. https://reclaimfinance.org/site/en/2022/10/25/what-to-expect-from-climate-finance-day-2022/.

Wikipedia

{{cite press release |last1=Martin |first1=Léo |title=What to expect from Climate Finance Day 2022 |publisher=Reclaim Finance |date=25 October 2022 |url=https://reclaimfinance.org/site/en/2022/10/25/what-to-expect-from-climate-finance-day-2022/ |access-date=23 October 2026 |via=Climate Insights Directory}}

BibTeX

@misc{martin2022what, author = {Martin, Léo}, title = {{What to expect from Climate Finance Day 2022}}, publisher = {Reclaim Finance}, year = {2022}, month = oct, url = {https://reclaimfinance.org/site/en/2022/10/25/what-to-expect-from-climate-finance-day-2022/}, urldate = {2026-10-23}, note = {Indexed by Climate Insights Directory} }