Réponse au rapport de Reclaim Finance sur l’action climatique de la Caisse des Dépôts

The Caisse des Dépôts rejects Reclaim Finance's criticisms, asserting that its investment approach balances ecological transformation with national sovereignty. It highlights a commitment to mobilize 100 billion euros for ecological and energy transformation between 2024 and 2028, while defending its decision to keep specific holdings confidential to maintain constructive shareholder dialogue. The institution disputes Reclaim Finance's estimate of its fossil fuel exposure, stating its actual exposure is below 5 billion euros and that it applies strict exclusion criteria for unconventional fossils and coal.

• The Caisse des Dépôts has committed to mobilizing 100 billion euros between 2024 and 2028 for the ecological and energy transformation of France, with 27.9 billion euros already mobilized in 2024. Previously, between 2018 and 2023, it deployed 80 billion euros, exceeding its initial target of 60 billion euros.
• The institution justifies its lack of transparency regarding the specific names of companies in its portfolio as a means to avoid market speculation and to foster a 'constructive shareholder dialogue' over the long term, typically with holdings lasting 7 to 10 years.
• The Caisse des Dépôts aims for 80% of the companies in its portfolio (stocks and bonds) to have a climate alignment trajectory validated by the Science Based Targets initiative (SBTi) in accordance with the Paris Agreement.
• The institution disputes Reclaim Finance's claim of 10 billion euros in fossil fuel investments, stating its global exposure is actually below 5 billion euros. It notes that less than 1% of portfolio companies derive more than 50% of their turnover from fossil activities.
• The Caisse des Dépôts manages 97% of its assets directly, with only 3% managed by external asset management companies. This external management primarily concerns real estate assets and private equity funds supporting French small and medium-sized enterprises.

APA

Reclaim Finance (2025). Réponse au rapport de Reclaim Finance sur l’action climatique de la Caisse des Dépôts. https://reclaimfinance.org/site/wp-content/uploads/2025/04/Droit-de-reponse-Caisse-des-Depots-et-Consignations.pdf

Chicago

Reclaim Finance. Réponse au rapport de Reclaim Finance sur l’action climatique de la Caisse des Dépôts. 2025. https://reclaimfinance.org/site/wp-content/uploads/2025/04/Droit-de-reponse-Caisse-des-Depots-et-Consignations.pdf.

Wikipedia

{{cite press release |author=Reclaim Finance |title=Réponse au rapport de Reclaim Finance sur l’action climatique de la Caisse des Dépôts |date=14 April 2025 |url=https://reclaimfinance.org/site/wp-content/uploads/2025/04/Droit-de-reponse-Caisse-des-Depots-et-Consignations.pdf |access-date=23 October 2026 |via=Climate Insights Directory}}

BibTeX

@misc{reclaimfinance2025rponse, author = {{Reclaim Finance}}, title = {{Réponse au rapport de Reclaim Finance sur l’action climatique de la Caisse des Dépôts}}, publisher = {Reclaim Finance}, year = {2025}, month = apr, url = {https://reclaimfinance.org/site/wp-content/uploads/2025/04/Droit-de-reponse-Caisse-des-Depots-et-Consignations.pdf}, urldate = {2026-10-23}, note = {Indexed by Climate Insights Directory} }