TRÉSORERIE DU CAC 40 UN LEVIER OUBLIÉ POUR LE CLIMAT ET LA BIODIVERSITÉ

The report highlights that French companies hold over 1,000 billion euros in cash, a resource largely managed by financial institutions that continue to fund fossil fuel expansion and ecosystem destruction. Focusing on 20 CAC 40 companies with 162 billion euros in combined cash, the analysis reveals a significant gap in CSR policies: while companies apply ESG criteria to suppliers, they rarely do so for their financial partners. The authors argue that corporate cash is a powerful but underused tool for decarbonization and recommend integrating ESG criteria into the selection of financial partners, setting specific CSR targets for cash management, and establishing structured dialogues with banks and asset managers to end support for unsustainable projects.

• French non-financial companies hold a massive amount of cash, exceeding 1,000 billion euros in 2024, which represents a significant but underutilized potential for the ecological transition.
• A study of 20 CAC 40 companies showed they hold 162 billion euros in cash, which is primarily managed by a small group of French investment banks—BNP Paribas, Société Générale, Crédit Agricole, and Natixis (BPCE)—and their asset management arms.
• Major French financial partners continue to fund environmentally harmful activities; in 2024, BNP Paribas, Crédit Agricole, Natixis, and Société Générale provided over 20 billion euros for fossil fuel expansion, and 40 billion euros over ten years to companies posing high risks to ecosystems.
• There is a stark contrast in CSR application between suppliers and financial partners; while all 20 studied companies use ESG criteria for suppliers, only two apply them to financial partners, and only one mentions directing part of its cash toward responsible investment vehicles.
• Corporate governance may hinder the ability of companies to challenge their financial partners, as 17 out of 20 studied companies have at least one person with high-level private financial sector experience on their board of directors, with some boards containing up to 45% such members.
• French money market funds, over 50% of which are managed by Amundi, BNP Paribas AM, and Natixis IM, maintain significant exposure to oil and gas companies, estimated at over 13 billion euros.

APA

Sansoucy, J., Wahl, G., Cuvelier, L., & Williams, C. (2025). TRÉSORERIE DU CAC 40 UN LEVIER OUBLIÉ POUR LE CLIMAT ET LA BIODIVERSITÉ. Reclaim Finance. https://reclaimfinance.org/site/wp-content/uploads/2025/11/Tresorerie-du-CAC-40-un-levier-oublie-pour-la-biodiversite.pdf

Chicago

Sansoucy, Julie, Guillaume Wahl, Lara Cuvelier, and Clara Williams. TRÉSORERIE DU CAC 40 UN LEVIER OUBLIÉ POUR LE CLIMAT ET LA BIODIVERSITÉ. Reclaim Finance, 2025. https://reclaimfinance.org/site/wp-content/uploads/2025/11/Tresorerie-du-CAC-40-un-levier-oublie-pour-la-biodiversite.pdf.

Wikipedia

{{cite report |last1=Sansoucy |first1=Julie |last2=Wahl |first2=Guillaume |last3=Cuvelier |first3=Lara |last4=Williams |first4=Clara |title=TRÉSORERIE DU CAC 40 UN LEVIER OUBLIÉ POUR LE CLIMAT ET LA BIODIVERSITÉ |publisher=Reclaim Finance |date=November 2025 |url=https://reclaimfinance.org/site/wp-content/uploads/2025/11/Tresorerie-du-CAC-40-un-levier-oublie-pour-la-biodiversite.pdf |access-date=23 October 2026 |via=Climate Insights Directory}}

BibTeX

@techreport{sansoucy2025trsorerie, author = {Sansoucy, Julie and Wahl, Guillaume and Cuvelier, Lara and Williams, Clara}, title = {{TRÉSORERIE DU CAC 40 UN LEVIER OUBLIÉ POUR LE CLIMAT ET LA BIODIVERSITÉ}}, institution = {Reclaim Finance}, year = {2025}, month = nov, url = {https://reclaimfinance.org/site/wp-content/uploads/2025/11/Tresorerie-du-CAC-40-un-levier-oublie-pour-la-biodiversite.pdf}, urldate = {2026-10-23}, note = {Indexed by Climate Insights Directory} }