RÉFORME DES RETRAITES

The document argues that the 2023 pension reform in France increases uncertainty regarding public pensions, thereby incentivising citizens to use private capitalised savings products. Reclaim Finance warns that the primary beneficiaries of this shift—major asset managers and insurers—lack robust commitments to end the expansion of oil and gas and are slow to exit coal, contradicting the 1.5°C warming limit. The briefing also highlights the risk of increased market share for US-based firms like Blackrock, which it describes as less virtuous regarding climate regulations.

• The 2023 pension reform encourages the 'financialisation' of retirement by increasing uncertainty over pension levels, departure ages, and contribution periods, which pushes French citizens toward supplementary capitalised savings products.
• Analysis of the ten most prominent actors in the French retirement and employee savings markets reveals a systemic failure to align with 1.5°C trajectories; specifically, none of the major actors have committed to ending the development of oil and gas production and transport projects.
• While most studied actors have restricted coal financing following the Place de Paris commitments, only Crédit Mutuel Asset Management is noted as having a 'robust' policy, while Natixis Investment Management and Swiss Life have made no commitments regarding the end of coal expansion or a progressive exit.
• The reform may open the French market to large US asset managers, such as Blackrock, which the document claims is interested in the French market and seeks to slow the adoption of climate-related financial regulations.
• The shift toward capitalised savings exacerbates social inequalities, as lower-income households lack the means to contribute to these products and are more likely to deplete existing savings during periods of high inflation.

APA

Reclaim Finance (2023). RÉFORME DES RETRAITES. https://reclaimfinance.org/site/wp-content/uploads/2023/01/2022.01.12_Reclaim-Finance_Briefing_Reforme-des-retraites-Quel-impact-sur-le-climat-1.pdf

Chicago

Reclaim Finance. RÉFORME DES RETRAITES. 2023. https://reclaimfinance.org/site/wp-content/uploads/2023/01/2022.01.12_Reclaim-Finance_Briefing_Reforme-des-retraites-Quel-impact-sur-le-climat-1.pdf.

Wikipedia

{{cite report |author=Reclaim Finance |title=RÉFORME DES RETRAITES |date=2023 |url=https://reclaimfinance.org/site/wp-content/uploads/2023/01/2022.01.12_Reclaim-Finance_Briefing_Reforme-des-retraites-Quel-impact-sur-le-climat-1.pdf |access-date=23 October 2026 |via=Climate Insights Directory}}

BibTeX

@techreport{reclaimfinance2023rforme, author = {{Reclaim Finance}}, title = {{RÉFORME DES RETRAITES}}, institution = {Reclaim Finance}, year = {2023}, url = {https://reclaimfinance.org/site/wp-content/uploads/2023/01/2022.01.12_Reclaim-Finance_Briefing_Reforme-des-retraites-Quel-impact-sur-le-climat-1.pdf}, urldate = {2026-10-23}, note = {Indexed by Climate Insights Directory} }