Fonds de réserve pour les retraites: public money still serving fossil fuels

Reclaim Finance criticizes the Fonds de réserve pour les retraites (FRR) for its updated fossil fuel exclusion policy, asserting that it continues to support oil and gas expansion and lacks science-based criteria for selecting asset managers.

• The Fonds de réserve pour les retraites (FRR), a public fund with €20 billion in assets as of the end of 2024, has updated its fossil fuel exclusion policy but continues to allow investments in companies developing new conventional oil and gas projects, including TotalEnergies, Saudi Aramco, and Eni.
• FRR's new restrictions on unconventional hydrocarbons—reducing the exclusion threshold from 20% to 10% of turnover and stopping direct financing for new projects—are described as having virtually no impact because the fund primarily invests via equities and bonds.
• While FRR has tightened thermal coal exclusions by lowering the turnover threshold from 5% to 1% and excluding new infrastructure developers, it has not established restrictions or engagement strategies for companies involved in metallurgical coal.
• The fund lacks science-based climate criteria for selecting or engaging external asset managers, which Reclaim Finance argues may lead to the continued use of managers with climate-damaging practices, specifically citing BlackRock.
• The document contrasts FRR's approach with other French and European entities, noting that Ircantec no longer invests in oil and gas project developers, Préfon delisted 13 funds including one from BlackRock, and Dutch pension funds PFZW and PME have withdrawn mandates from BlackRock.

APA

Martin, L. (2026). Fonds de réserve pour les retraites: public money still serving fossil fuels. Reclaim Finance. https://reclaimfinance.org/site/en/2026/02/06/fonds-de-reserve-pour-les-retraites-public-money-still-serving-fossil-fuels/

Chicago

Martin, Léo. Fonds de réserve pour les retraites: public money still serving fossil fuels. Reclaim Finance, 2026. https://reclaimfinance.org/site/en/2026/02/06/fonds-de-reserve-pour-les-retraites-public-money-still-serving-fossil-fuels/.

Wikipedia

{{cite press release |last1=Martin |first1=Léo |title=Fonds de réserve pour les retraites: public money still serving fossil fuels |publisher=Reclaim Finance |date=6 February 2026 |url=https://reclaimfinance.org/site/en/2026/02/06/fonds-de-reserve-pour-les-retraites-public-money-still-serving-fossil-fuels/ |access-date=23 October 2026 |via=Climate Insights Directory}}

BibTeX

@misc{martin2026fonds, author = {Martin, Léo}, title = {{Fonds de réserve pour les retraites: public money still serving fossil fuels}}, publisher = {Reclaim Finance}, year = {2026}, month = feb, url = {https://reclaimfinance.org/site/en/2026/02/06/fonds-de-reserve-pour-les-retraites-public-money-still-serving-fossil-fuels/}, urldate = {2026-10-23}, note = {Indexed by Climate Insights Directory} }