RETRAITES ET CLIMAT DES ACTEURS CLÉS INVESTISSENT DANS LES ÉNERGIES FOSSILES

The report finds that Agirc-Arrco, ERAFP, and the FRR continue to invest hundreds of millions of euros in fossil fuels and lack robust commitments to stop funding new oil and gas projects. In contrast, Ircantec is highlighted as a positive example for its strict fossil fuel exclusion policy. The report also criticizes these institutions for delegating the majority of their assets to external managers, such as BlackRock and JP Morgan, who often oppose climate goals or have retreated from ESG commitments. Furthermore, the report notes significant gaps in transparency, particularly regarding the publication of portfolio compositions and voting records at general meetings.

• Three of the four studied retirement actors—Agirc-Arrco, ERAFP, and the FRR—hold substantial investments in fossil fuel companies, totaling hundreds of millions of euros each, with the FRR being the most exposed at over one billion euros.
• Ircantec is identified as the most ambitious actor due to its strict exclusion policy for developers of thermal coal projects and oil and gas exploration, production, and transport, maintaining a very low exposure of 30 million euros.
• Agirc-Arrco, ERAFP, and the FRR lack sufficient commitments to stop investing in fossil fuel expansion; Agirc-Arrco and ERAFP plan to stop some new investments only by 2030, which is deemed too late to align with a 1.5°C scenario.
• The FRR has specifically provided 'fresh money' to fossil fuel developers through recent bond purchases in 2024 from companies including BP, Repsol, and Eni, totaling 2.2 million euros.
• All four evaluated investors continue to support the expansion of metallurgical coal, as it is not subject to any specific investment restrictions or commitments.
• Shareholder engagement efforts are described as lacking credibility, as Agirc-Arrco and the FRR do not explicitly demand that companies stop fossil fuel expansion, and none of the actors use a precise escalation strategy with a set calendar.
• A vast majority of assets (92%, totaling 157 billion euros) are delegated to external asset managers, including firms like BlackRock, State Street, and JP Morgan, whose global practices often contradict the climate goals of the retirement funds.
• Only Ircantec uses robust climate-based criteria when selecting external asset managers; Agirc-Arrco, ERAFP, and the FRR do not use science-based criteria during selection.
• Transparency levels vary, but all four actors fail to publish their voting records at general meetings, which hinders the evaluation of their climate engagement credibility.

APA

Masson, A. (2025). RETRAITES ET CLIMAT DES ACTEURS CLÉS INVESTISSENT DANS LES ÉNERGIES FOSSILES. Reclaim Finance. https://reclaimfinance.org/site/wp-content/uploads/2025/07/Briefing_Reclaim-Finance_Retraites-et-climat_VF.pdf

Chicago

Masson, Agathe. RETRAITES ET CLIMAT DES ACTEURS CLÉS INVESTISSENT DANS LES ÉNERGIES FOSSILES. Reclaim Finance, 2025. https://reclaimfinance.org/site/wp-content/uploads/2025/07/Briefing_Reclaim-Finance_Retraites-et-climat_VF.pdf.

Wikipedia

{{cite report |last1=Masson |first1=Agathe |title=RETRAITES ET CLIMAT DES ACTEURS CLÉS INVESTISSENT DANS LES ÉNERGIES FOSSILES |publisher=Reclaim Finance |date=July 2025 |url=https://reclaimfinance.org/site/wp-content/uploads/2025/07/Briefing_Reclaim-Finance_Retraites-et-climat_VF.pdf |access-date=23 October 2026 |via=Climate Insights Directory}}

BibTeX

@techreport{masson2025retraites, author = {Masson, Agathe}, title = {{RETRAITES ET CLIMAT DES ACTEURS CLÉS INVESTISSENT DANS LES ÉNERGIES FOSSILES}}, institution = {Reclaim Finance}, year = {2025}, month = jul, url = {https://reclaimfinance.org/site/wp-content/uploads/2025/07/Briefing_Reclaim-Finance_Retraites-et-climat_VF.pdf}, urldate = {2026-10-23}, note = {Indexed by Climate Insights Directory} }