PUTTING OUR FUTURE FIRST

The document asserts that climate change is a systemic financial risk that threatens the global economy and the living conditions of beneficiaries, thereby making climate action an integral part of an asset owner's fiduciary duty. It advocates for a 'systemic approach' that prioritizes long-term stability over short-term gains, urging asset owners to halt capital allocation to fossil fuel expansion, engage aggressively with portfolio companies, influence asset managers, and advocate for ambitious public policies. The report highlights that current risk models often underestimate the potential for catastrophic economic losses, which could reach 50% of global GDP by the end of the century.

• Climate change constitutes a systemic risk that threatens the environmental and social systems necessary for economic stability, potentially causing global GDP losses of up to 50% between 2070 and 2090.
• Asset owners' fiduciary duty includes a duty of care and a duty of loyalty, which requires them to protect beneficiaries from climate impacts that affect essential services like healthcare, food, and energy.
• Commonly used climate risk assessment models are misleading because they often omit tipping points, sea-level rise, and non-linear dynamics, creating a 'false and dangerous sense of security' for investors.
• To fulfill their fiduciary duty, asset owners should adopt a 'systemic approach' that prioritizes long-term economic stability over short-term financial performance and aims to limit global warming to 1.5°C.
• Asset owners should halt new investments, particularly in bonds, for companies developing new fossil fuel projects, as such activities are incompatible with a 1.5°C pathway.
• Evidence suggests that divesting from fossil fuels does not significantly impair portfolio performance in the short term, except during specific energy crises.
• Asset owners must use their influence over financial partners, specifically asset managers, by refusing new mandates to those who do not comply with science-based climate criteria.

APA

Masson, A., Cuvelier, L., Etienne, C., Schreiber, P., & Williams, C. (2026). PUTTING OUR FUTURE FIRST. Reclaim Finance. https://reclaimfinance.org/site/wp-content/uploads/2026/08/Putting-our-Future-First_VFF.pdf

Chicago

Masson, Agathe, Lara Cuvelier, Christophe Etienne, Paul Schreiber, and Clara Williams. PUTTING OUR FUTURE FIRST. Reclaim Finance, 2026. https://reclaimfinance.org/site/wp-content/uploads/2026/08/Putting-our-Future-First_VFF.pdf.

Wikipedia

{{cite report |last1=Masson |first1=Agathe |last2=Cuvelier |first2=Lara |last3=Etienne |first3=Christophe |last4=Schreiber |first4=Paul |last5=Williams |first5=Clara |title=PUTTING OUR FUTURE FIRST |publisher=Reclaim Finance |date=September 2026 |url=https://reclaimfinance.org/site/wp-content/uploads/2026/08/Putting-our-Future-First_VFF.pdf |access-date=23 October 2026 |via=Climate Insights Directory}}

BibTeX

@techreport{masson2026putting, author = {Masson, Agathe and Cuvelier, Lara and Etienne, Christophe and Schreiber, Paul and Williams, Clara}, title = {{PUTTING OUR FUTURE FIRST}}, institution = {Reclaim Finance}, year = {2026}, month = sep, url = {https://reclaimfinance.org/site/wp-content/uploads/2026/08/Putting-our-Future-First_VFF.pdf}, urldate = {2026-10-23}, note = {Indexed by Climate Insights Directory} }