Search Climate Insights Directory

The document argues that the 2023 pension reform in France increases uncertainty regarding public pensions, thereby incentivising citizens to use private capitalised savings products. Reclaim Finance warns that the primary beneficiaries of this shift—major asset managers and insurers—lack robust commitments to end the expansion of oil and gas and are slow to exit coal, contradicting the 1.5°C warming limit. The briefing also highlights the risk of increased market share for US-based firms like Blackrock, which it describes as less virtuous regarding climate regulations.

The statement critiques the French financial sector's response to the climate crisis, highlighting a divide between institutions adopting strict exclusion policies for oil and gas expansion and those maintaining the status quo. It specifically condemns the French Ministry of Economy and Finance for avoiding strict regulatory frameworks and calls on major entities like AXA to stop insuring new fossil fuel projects.

The report asserts that new gas exploration, production, and LNG export terminals are incompatible with limiting global warming to 1.5°C. It highlights that existing fossil fuel infrastructure already threatens to exceed remaining carbon budgets and calls for financial institutions to immediately cease funding gas expansion across the entire value chain.