AMUNDI : Enquête sur un géant de l’investissement

The report assesses Amundi, Europe's largest asset manager, claiming a gap between its sustainable finance marketing and its actual investments. It highlights three primary climate risks: the growth of passive management which bypasses fossil fuel exclusions, a failure to use shareholder voting to penalize coal developers, and continued financial support for oil and gas expansion, including in the Arctic.

• Amundi is the largest asset manager in Europe and France, managing €1811 billion in assets and holding significant influence as a major shareholder in many CAC 40 companies.
• The acquisition of Lyxor on January 1, 2022, significantly increases Amundi's exposure to passive management, which the report argues creates a climate risk because these funds often lack rules to limit investments in greenhouse gas-intensive sectors.
• Despite a public commitment to exit coal, Amundi's passive management funds act as a loophole, allowing continued investment in coal developers such as Glencore, KEPCO, and Marubeni; as of January 2021, these investments totaled $4.8 billion.
• Amundi's shareholder voting practices are deemed ineffective; in 2021, the firm voted in favor of 78% of resolutions proposed by the management of 13 analyzed coal developers, including supporting Glencore's climate plan which allows coal mine operations beyond 2050.
• Amundi continues to support oil and gas expansion, with over €14 billion invested in six European majors as of January 14, 2022, including being the top shareholder in TotalEnergies.
• Amundi's lobbying efforts are described as ambiguous, with evidence suggesting the firm has pressured to weaken the Sustainable Finance Disclosure Regulation (SFDR) and expressed reservations about the European taxonomy's 'Do No Significant Harm' (DNSH) principle.

APA

Cuvelier, L., & Pottier, G. (2022). AMUNDI : Enquête sur un géant de l’investissement. Reclaim Finance. https://reclaimfinance.org/site/wp-content/uploads/2022/01/Rapport_Amundi_enquete_geant_investissement.pdf

Chicago

Cuvelier, Lara, and Guillaume Pottier. AMUNDI : Enquête sur un géant de l’investissement. Reclaim Finance, 2022. https://reclaimfinance.org/site/wp-content/uploads/2022/01/Rapport_Amundi_enquete_geant_investissement.pdf.

Wikipedia

{{cite report |last1=Cuvelier |first1=Lara |last2=Pottier |first2=Guillaume |title=AMUNDI : Enquête sur un géant de l’investissement |publisher=Reclaim Finance |date=January 2022 |url=https://reclaimfinance.org/site/wp-content/uploads/2022/01/Rapport_Amundi_enquete_geant_investissement.pdf |access-date=23 October 2026 |via=Climate Insights Directory}}

BibTeX

@techreport{cuvelier2022amundi, author = {Cuvelier, Lara and Pottier, Guillaume}, title = {{AMUNDI : Enquête sur un géant de l’investissement}}, institution = {Reclaim Finance}, year = {2022}, month = jan, url = {https://reclaimfinance.org/site/wp-content/uploads/2022/01/Rapport_Amundi_enquete_geant_investissement.pdf}, urldate = {2026-10-23}, note = {Indexed by Climate Insights Directory} }