MOBILISER L'ÉPARGNE SALARIALE AU PROFIT DE LA TRANSITION ÉCOLOGIQUE

The document argues that employee savings in France, totaling 158 billion euros, are often invested in climate-harmful activities without the knowledge of savers. It proposes 14 specific measures to remedy this, including a mandatory 'tricolore' indicator for controversial activities, the requirement for ISIN codes for FCPE funds, and fiscal incentives for responsible savings plans. It also suggests restricting asset managers' access to the employee savings market unless they adhere to strict climate policies, particularly regarding the phase-out of fossil fuel investments.

• Employee savings in France represent a significant financial lever of 158 billion euros, yet there is a substantial gap between the environmental concerns of French citizens and their knowledge of where their money is invested.
• Five major asset managers—Amundi, Natixis IM, BNP Paribas AM, Crédit Mutuel AM, and AXA IM—control 85% of French employee savings and held 25.5 billion euros in companies heavily involved in fossil fuel projects as of September 2022, including TotalEnergies and Adani Group.
• Current transparency is insufficient because many employee savings funds are 'feeder funds' or 'funds of funds,' which obscures the final destination of investments and makes ex-post analysis impossible.
• The document proposes a mandatory three-level (tricolore) indicator to show a fund's exposure to controversial activities (fossil fuels, deforestation, weapons, tobacco, and human rights), where 'Category A' represents less than 0.5% exposure to such activities.
• To improve the offer of responsible funds, the brief suggests mandating a 'sustainable' fund with 10-15% investment in non-listed SMEs and startups contributing to the ecological transition, and increasing the 'solidarity' investment share in FCPES to 10-15%.
• The authors propose that the state should reduce tax and social advantages for employee savings plans that do not exclude oil and gas companies developing new projects without production reduction targets.
• Access to the employee savings market for asset managers should be conditioned on strict climate policies, including stopping investments in coal companies and requiring oil and gas companies in portfolios to stop new exploration and reduce production by 2030.
• Governance reforms are proposed to give employees more power, including the right for employee coalitions to request plan revisions and the ability for the Fund's Supervisory Board to impose voting instructions on asset managers.

APA

Reclaim Finance (2023). MOBILISER L'ÉPARGNE SALARIALE AU PROFIT DE LA TRANSITION ÉCOLOGIQUE. https://reclaimfinance.org/site/wp-content/uploads/2023/05/2303_RF-Rift_Mobiliser-lepargne-salariale-au-profit-de-la-transition-ecologique.pdf

Chicago

Reclaim Finance. MOBILISER L'ÉPARGNE SALARIALE AU PROFIT DE LA TRANSITION ÉCOLOGIQUE. 2023. https://reclaimfinance.org/site/wp-content/uploads/2023/05/2303_RF-Rift_Mobiliser-lepargne-salariale-au-profit-de-la-transition-ecologique.pdf.

Wikipedia

{{cite report |author=Reclaim Finance |title=MOBILISER L'ÉPARGNE SALARIALE AU PROFIT DE LA TRANSITION ÉCOLOGIQUE |date=March 2023 |url=https://reclaimfinance.org/site/wp-content/uploads/2023/05/2303_RF-Rift_Mobiliser-lepargne-salariale-au-profit-de-la-transition-ecologique.pdf |access-date=23 October 2026 |via=Climate Insights Directory}}

BibTeX

@techreport{reclaimfinance2023mobiliser, author = {{Reclaim Finance}}, title = {{MOBILISER L'ÉPARGNE SALARIALE AU PROFIT DE LA TRANSITION ÉCOLOGIQUE}}, institution = {Reclaim Finance}, year = {2023}, month = mar, url = {https://reclaimfinance.org/site/wp-content/uploads/2023/05/2303_RF-Rift_Mobiliser-lepargne-salariale-au-profit-de-la-transition-ecologique.pdf}, urldate = {2026-10-23}, note = {Indexed by Climate Insights Directory} }