LA CAISSE DES DÉPÔTS ET CONSIGNATIONS UN INVESTISSEUR PUBLIC QUI MANQUE À SON DEVOIR CLIMATIQUE

The Caisse des Dépôts et Consignations (CDC), a major French public investor managing 323 billion euros, is criticized for a lack of transparency regarding its portfolio composition and voting records. Despite claiming alignment with a 1.5°C trajectory, the CDC holds 9.2 billion euros in fossil fuel-related investments and lacks a strict ban on companies developing new oil and gas projects. Furthermore, the CDC delegates approximately 10 billion euros to external asset managers without applying robust climate selection criteria, potentially exposing public savings to climate-harmful strategies.

• The Caisse des Dépôts et Consignations (CDC) exhibits significant opacity regarding its climate actions, failing to publish its full list of equity and bond holdings, detailed voting records at general meetings, or a complete list of its external asset managers.
• As of its regulatory reporting, the CDC holds 9.2 billion euros in investments in companies active in fossil fuels, including 1.1 billion euros in green bonds from electricity production companies.
• The CDC has not committed to stopping support for companies developing new oil and gas fields or LNG export terminals, which is inconsistent with a 1.5°C warming limit. Its current policies allow continued investment in major fossil fuel developers such as TotalEnergies and Shell.
• The CDC delegates approximately 10 billion euros (3% of its financial assets) to external asset managers without using robust climate criteria for selection, risking partnerships with firms like BlackRock or Amundi that may support fossil fuel expansion.
• The CDC's shareholder engagement strategy is deemed ineffective and lacking credibility because it lacks a concrete escalation strategy and does not systematically oppose resolutions for companies pursuing fossil fuel expansion.

APA

Masson, A. (2025). LA CAISSE DES DÉPÔTS ET CONSIGNATIONS UN INVESTISSEUR PUBLIC QUI MANQUE À SON DEVOIR CLIMATIQUE. Reclaim Finance. https://reclaimfinance.org/site/wp-content/uploads/2025/04/Reclaim-Finance_Avril-2025_Briefing-Caisse-des-Depots-et-Consignations_VF-1.pdf

Chicago

Masson, Agathe. LA CAISSE DES DÉPÔTS ET CONSIGNATIONS UN INVESTISSEUR PUBLIC QUI MANQUE À SON DEVOIR CLIMATIQUE. Reclaim Finance, 2025. https://reclaimfinance.org/site/wp-content/uploads/2025/04/Reclaim-Finance_Avril-2025_Briefing-Caisse-des-Depots-et-Consignations_VF-1.pdf.

Wikipedia

{{cite report |last1=Masson |first1=Agathe |title=LA CAISSE DES DÉPÔTS ET CONSIGNATIONS UN INVESTISSEUR PUBLIC QUI MANQUE À SON DEVOIR CLIMATIQUE |publisher=Reclaim Finance |date=April 2025 |url=https://reclaimfinance.org/site/wp-content/uploads/2025/04/Reclaim-Finance_Avril-2025_Briefing-Caisse-des-Depots-et-Consignations_VF-1.pdf |access-date=23 October 2026 |via=Climate Insights Directory}}

BibTeX

@techreport{masson2025caisse, author = {Masson, Agathe}, title = {{LA CAISSE DES DÉPÔTS ET CONSIGNATIONS UN INVESTISSEUR PUBLIC QUI MANQUE À SON DEVOIR CLIMATIQUE}}, institution = {Reclaim Finance}, year = {2025}, month = apr, url = {https://reclaimfinance.org/site/wp-content/uploads/2025/04/Reclaim-Finance_Avril-2025_Briefing-Caisse-des-Depots-et-Consignations_VF-1.pdf}, urldate = {2026-10-23}, note = {Indexed by Climate Insights Directory} }