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Eleven civil society organizations, including Reclaim Finance, have called on Agirc-Arrco, ERAFP, and the Fonds de réserve pour les retraites to cease supporting fossil fuel expansion. The signatories argue that continued investments, particularly through bonds and external managers like BlackRock, exacerbate climate change and expose portfolios to financial risks. They specifically highlight TotalEnergies' recent climate setbacks, including the abandonment of its 2050 carbon neutrality goal in March 2026, as evidence that shareholder dialogue is insufficient. The letter demands an immediate end to new investments in oil and gas projects, systematic voting against directors of expanding fossil fuel companies, and the implementation of science-based climate criteria for selecting external asset managers.

The report analyzes the role of Global North private equity firms in maintaining fossil fuel assets across the Global South, highlighting a pattern of extracting profits while offloading environmental and social risks onto local communities. Using data from the 2024 Climate Risk Scorecard, it identifies 13 firms with assets in 32 Global South countries, with a significant concentration of risky assets in Latin America, particularly Mexico. The document details specific instances of pollution in India, social displacement in Brazil, and financial instability in the Philippines, while providing a comprehensive case study on Mexico's LNG and pipeline infrastructure. It concludes that the private equity model's lack of transparency and short-term focus exacerbate climate injustice and expose institutional investors, such as public pensions, to significant financial risk.

The document argues that French life insurance companies are undermining their own climate goals by delegating investments to asset managers that support fossil fuel expansion. It highlights a gap between the climate ambitions of insurers—some of whom have stopped new bond investments in fossil fuel expansion—and the practices of managers like BlackRock and JP Morgan Asset Management. Reclaim Finance calls for the implementation of science-based selection criteria, clear deadlines for manager compliance, and more public, collective engagement to reduce financial risks associated with climate change.

The document criticizes the European Central Bank (ECB) for allowing assets from fossil fuel developers to serve as collateral for bank liquidity, arguing that current 'greening' efforts are insufficient. It highlights that 32 fossil fuel developers and two coal companies without exit dates were eligible for collateral between July 2023 and January 2024. The author contends that companies can circumvent emission limits via financial subsidiaries and that haircuts for companies like TotalEnergies and Shell are too low, failing to reflect environmental and financial risks.

The statement criticizes the European Central Bank (ECB) for continuing to allow assets from fossil fuel developers to serve as collateral for bank liquidity. It highlights that 32 fossil fuel developers were eligible for collateral between July 2023 and January 2024, including coal companies without exit dates. The author argues that current limits on high-emitting securities are easily bypassed via financial subsidiaries and that haircuts for companies like TotalEnergies and Shell are insufficiently low (down to 1%) given their continued exploration of new oil and gas fields.

The report argues that the food industry's reliance on single-use plastics creates significant ecological and health crises while exposing the sector and its financiers to material financial risks. It highlights a 'financial bubble' in the plastics industry driven by overproduction and impending regulation. Research reveals that seven banks operating in Belgium provided over 78 billion euros in financing to nine food industry companies between 2015 and 2021, with Deutsche Bank, BNP Paribas, and ING as the primary financiers. The document calls for banks to implement concrete plastic policies and for the Belgian government to use its influence as a shareholder to drive a transition toward a circular economy.

Reclaim Finance defends its report 'Actifs fossiles : les nouveaux subprimes?', arguing that French banks hold over 530 billion euros in fossil fuel assets, representing 95% of their equity. The author rejects the FBF's claims that the data is incorrect, asserting that the figures are based on banks' own annual reports and that the financial risk of 'stranded assets' is significant, contrary to the more optimistic 'pilot exercise' conducted by the ACPR and AMF.

Reclaim Finance and Oil Change International critique the NGFS's initial climate scenarios for focusing on 2°C targets rather than 1.5°C and for relying on unrealistic levels of carbon capture. The authors contend that these choices create a bias in favor of fossil fuels, with some scenarios allowing coal use beyond 2050 and only modest reductions in fossil fuel investments. They call for a revised framework that centers a 1.5°C scenario and encourages financial regulators to end support for the fossil fuel sector.

Reclaim Finance responds to the ACPR's consultation on climate stress tests in France, warning that the current framework may underestimate risks. The organization advocates for a precautionary approach regarding fossil fuel exposure, more precise international risk accounting, and a critical review of the 'dynamic balance sheet' assumption. It also suggests that the 'orderly transition' reference scenario is unlikely and that the exercise fails to account for systemic shocks like the coronavirus pandemic.

The report establishes a framework for understanding nature-related risk to business (NRR), defining it as risks arising when changes in a company's impacts on or dependencies on nature become threats due to exposure and vulnerability. It categorizes these risks into five types: physical, regulatory and legal, market, reputational, and financial. Through a review of over 70 sources and four case studies (BP, Vale, German exporters in South Africa, and PG&E), the document demonstrates how environmental degradation can lead to severe financial losses, operational disruptions, and bankruptcy. It emphasizes that nature-related risks and climate risks are 'twin emergencies' that are mutually reinforcing.

The report establishes a framework for nature-related risk (NRR), defining it as the result of changes in a business's dependencies on or impacts on nature that become threats due to the company's exposure and vulnerability. It identifies five primary risk types: physical, regulatory & legal, market, reputational, and financial. Through a review of over 70 sources, the report highlights that sectors such as food and beverage, metals and mining, and oil and gas face the highest risks. Case studies of BP, Vale, PG&E, and German exporters illustrate how these risks materialize into multi-billion dollar liabilities, bankruptcy, or lost revenue.

The statement by CIEL President Carroll Muffett emphasizes that the IPCC's Fifth Assessment Report confirms human influence on the climate system with greater than 95% certainty, primarily due to the burning of fossil fuels. It warns that continued inaction and a 'business as usual' approach will lead to unprecedented climate catastrophes and expose CEOs, shareholders, and investors to increased financial, regulatory, and legal risks.

Civil society organizations are calling for the International Finance Corporation (IFC) to update its Social and Environmental Sustainability Policy and Performance Standards. They argue that the current framework fails to account for the UN Declaration on the Rights of Indigenous Peoples, the urgent need to address climate change, and the lessons of the financial crisis regarding the risks of shifting monitoring responsibilities to private sector clients.