ÉPARGNE : Nos économies au service du chaos social et climatique

An analysis of 442 savings funds marketed in France reveals that 86.2% are exposed to companies with critical environmental or social risks, including major greenhouse gas emitters, arms manufacturers, and coal companies. The report highlights a significant gap between French citizens' desire for sustainable investments and the reality of current financial products, noting that 94% of studied ISR-labeled funds still finance these problematic companies. Reclaim Finance calls for mandatory climate requirements for all financial products in France, stricter standards for 'green' or 'sustainable' labels, and the implementation of a 'nutri-score' for financial products to increase transparency.

• A vast majority of savings funds marketed in France are exposed to companies with critical environmental and social risks. Out of 442 funds studied, 381 (86.2%) contain at least one 'selected company' from lists of major emitters, human rights violators, arms manufacturers, coal companies, or those involved in major scandals. If funds that cannot contain such companies by nature (e.g., sovereign debt or real estate) are excluded, the exposure rate rises to 93.8%.
• The ISR (Socially Responsible Investment) label does not guarantee superior environmental or social performance. Of the 36 ISR-labeled funds analyzed, only two contained no selected companies, meaning 94% of ISR funds finance companies with critical risks—a rate identical to non-labeled funds when adjusted for fund structure.
• There is a stark contradiction between the values of French savers and the actual composition of their investments. While 66% of French people refuse to have their savings finance fossil fuels and 62% prioritize environmental and social impacts in their investment decisions, many are forced into opaque systems where 'responsible' products still fund polluters.
• Specific funds show extreme exposure to high-risk companies. For example, LCL Investissement Equilibre (C/D) supports 246 companies with critical practices, and AXA Or et Matières Premières D EUR is invested at 59% in 31 such companies. Additionally, 183 funds (48% of exposed funds) allocate more than 10% of their value to selected companies.
• The report identifies significant financial risks associated with 'unconventional' oil and gas, noting that North American companies in shale gas or oil sands lost 361 billion of the 1.18 trillion dollars invested in extraction between 2010 and 2020. Since January 2020, 36 shale oil and gas companies have gone bankrupt.

APA

Schreiber, P., Pinson, L., Cuvelier, L., & Marchais, N. (2020). ÉPARGNE : Nos économies au service du chaos social et climatique. Reclaim Finance. https://reclaimfinance.org/site/wp-content/uploads/2020/10/RapportEpargneNosEconomiesAuServiceDuChaosSocialEtClimatique.pdf

Chicago

Schreiber, Paul, Lucie Pinson, Lara Cuvelier, and Nina Marchais. ÉPARGNE : Nos économies au service du chaos social et climatique. Reclaim Finance, 2020. https://reclaimfinance.org/site/wp-content/uploads/2020/10/RapportEpargneNosEconomiesAuServiceDuChaosSocialEtClimatique.pdf.

Wikipedia

{{cite report |last1=Schreiber |first1=Paul |last2=Pinson |first2=Lucie |last3=Cuvelier |first3=Lara |last4=Marchais |first4=Nina |title=ÉPARGNE : Nos économies au service du chaos social et climatique |publisher=Reclaim Finance |date=November 2020 |url=https://reclaimfinance.org/site/wp-content/uploads/2020/10/RapportEpargneNosEconomiesAuServiceDuChaosSocialEtClimatique.pdf |access-date=23 October 2026 |via=Climate Insights Directory}}

BibTeX

@techreport{schreiber2020pargne, author = {Schreiber, Paul and Pinson, Lucie and Cuvelier, Lara and Marchais, Nina}, title = {{ÉPARGNE : Nos économies au service du chaos social et climatique}}, institution = {Reclaim Finance}, year = {2020}, month = nov, url = {https://reclaimfinance.org/site/wp-content/uploads/2020/10/RapportEpargneNosEconomiesAuServiceDuChaosSocialEtClimatique.pdf}, urldate = {2026-10-23}, note = {Indexed by Climate Insights Directory} }