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The 2022 scorecard by Reclaim Finance finds that 30 of the world's largest asset managers hold US$ 550bn in major fossil fuel developers and generally fail to restrict investments in new coal, oil, and gas projects. Despite many pledging carbon neutrality by 2050, the report argues their engagement policies are 'toothless,' lacking clear demands for absolute emission reductions or the cessation of new supply projects. Passive investment is highlighted as a significant loophole, with most managers failing to apply exclusion rules to their passive portfolios.

The document rebuts the Fédération bancaire française's (FBF) assertions that French banks are prioritizing the climate transition. It argues that despite Net-Zero commitments, French banks provided over $350 billion to fossil fuels between 2016 and 2021 and continue to fund companies expanding fossil fuel production, contrary to IEA recommendations for a 1.5°C pathway.

The report finds that the world's 60 largest banks provided USD $4.6 trillion in fossil fuel financing from 2016 to 2021, with $742 billion in 2021 alone. It highlights a significant gap between banks' net-zero commitments and their actual lending and underwriting practices, particularly regarding companies expanding oil, gas, and coal production. The analysis identifies JPMorgan Chase as the world's worst banker of fossil fuels over this period. The report also details financing in high-impact subsectors, such as tar sands, Arctic oil and gas, and coal power, while emphasizing the human rights impacts on Indigenous and frontline communities.

Reclaim Finance assesses TotalEnergies' 2022 climate plan as insufficient, noting that the company's emissions are projected to decrease by only 5.8% to 6.7% between 2015 and 2030. The analysis highlights a 'fossil-first' investment strategy where over 70% of CAPEX remains dedicated to oil and gas, and criticizes the East African Crude Oil Pipeline (EACOP) as fundamentally incompatible with climate goals. The document urges shareholders to vote against the management-sponsored climate resolution at the 2022 AGM.

Fortum/Uniper is criticized for having an inadequate coal exit strategy and increasing its dependence on gas, while continuing to receive significant financial support from major banks and investors, including French institutions like BNP Paribas and Société Générale.

A coalition of international environmental and social organizations has demanded that a wide range of global banks, insurers, and asset managers immediately stop providing financing, investment, and insurance to Russian coal, oil, and gas companies. The letter argues that financial support for these entities directly fuels the war in Ukraine and contradicts commitments to carbon neutrality. The signatories specifically request the divestment of existing assets and the suspension of services for non-Russian companies still active in Russia, such as TotalEnergies and Wintershall DEA, noting that BP, Shell, Equinor, and ExxonMobil have already committed to withdraw.

Reclaim Finance has issued an open letter to Crédit Agricole's CEO, Philippe Brassac, demanding the bank stop financing fossil fuel companies active in Russia. The organization calls for the blacklisting of companies on the Urgewald Global Coal Exit List and Global Oil and Gas Exit List, specifically mentioning Gazprom. The letter further requests the suspension of support for companies like TotalEnergies, Uniper/Fortum, and Wintershall DEA until they exit Russian operations, arguing that fossil fuel dependence drives both climate change and international conflict.

Reclaim Finance urges Crédit Agricole to stop providing financial services to coal, oil, and gas companies active in Russia, specifically citing the bank's role as a main banker for Gazprom and its support for TotalEnergies. The organization argues that fossil fuel dependence fuels both international conflict and climate change, calling for a shift toward renewables and energy savings to achieve carbon neutrality.

Reclaim Finance calls on Crédit Agricole to stop financing Russian coal, oil, and gas companies, specifically highlighting the bank's role as a main banker for Gazprom. The letter demands divestment from a provided blacklist of Russian energy firms and the suspension of support for non-Russian companies still active in Russia, such as TotalEnergies, until they withdraw.

Reclaim Finance calls on Groupe Crédit Agricole to stop financing Russian coal, oil, and gas companies and to divest from them via Amundi. The organization specifically highlights Crédit Agricole's role as a major financier of Gazprom and its significant investment in TotalEnergies, demanding that support for the latter and other non-Russian firms like Fortum/Uniper and Wintershall DEA be suspended until they exit Russian operations.

Reclaim Finance argues that Amundi's growth in passive management, specifically through the takeover of Lyxor, has increased the volume of assets not covered by coal policies. The organization contends that Amundi's reliance on ESG filters is insufficient, as approximately 60% of its passively managed assets remain exempt from coal-related restrictions. Furthermore, Reclaim Finance claims Amundi supports companies like Glencore that pursue coal expansion and maintains an unconventional oil and gas policy that allows investments in companies responsible for 75% of global production expansion plans.

Reclaim Finance argues that Amundi's strategy of increasing passive management, specifically through the acquisition of Lyxor, creates a loophole where billions of euros in assets remain uncovered by coal exclusion policies. The document further contends that Amundi's engagement with companies like Glencore and its policies on unconventional fossil fuels effectively support continued fossil fuel expansion rather than a genuine 1.5°C-aligned transition.

The document assesses the role of 'Say on Climate' resolutions in corporate governance, highlighting their utility for financial actors needing climate data to meet reporting requirements and net-zero commitments. While these non-prescriptive votes can rally more shareholders and avoid legal conflicts with board competencies, the author warns of significant greenwashing risks, citing TotalEnergies' 2021 AG where a deficient plan received 92% approval. To ensure credibility, the text urges shareholders to demand annual votes based on exhaustive criteria that allow for the evaluation of alignment with a 1.5°C trajectory and to vote against incomplete or non-aligned plans.

Reclaim Finance argues that the Bank of England's (BoE) strategy to decarbonize its corporate sector purchases scheme (CBPS) is insufficient. While the BoE has implemented a Paris-aligned phase-out of coal, the organization claims the framework contains loopholes for oil and gas developers, relies on a slow 'escalation ladder' for divestment, and excludes scope 3 emissions from its targets and scorecard. The document also references quantitative research suggesting the BoE's 'market neutrality' approach may prevent a substantive reduction in the portfolio's carbon intensity.

The statement criticizes the Glasgow Financial Alliance for Net Zero (GFANZ) and its member alliances for a lack of urgency in meeting the '50x30' target of halving emissions by 2030. It highlights that most alliances lack near-term targets, allow the use of emission intensity metrics instead of absolute emissions, and fail to prohibit the financing of fossil fuel expansion.

The report finds that most French financial investors have inadequate climate engagement policies, characterized by vague objectives, a lack of rigorous escalation strategies, and poor transparency. While many claim to use engagement to support corporate transition, the analysis suggests this often functions as a 'greenwashing' tool to avoid divestment from fossil fuels. The document recommends that investors define precise greenhouse gas reduction targets, implement clear sanctions for non-compliance, and systematically integrate climate criteria into their voting decisions.

Amundi, Europe's largest asset manager, faces significant contradictions between its sustainable finance ambitions and its actual investment practices. The report highlights three primary challenges: the growth of passive management which bypasses coal exclusions, a weak shareholder engagement policy that fails to sanction coal developers, and continued investment in oil and gas expansion, including high-risk projects in the Arctic. Despite joining the Net Zero Asset Manager Initiative, Amundi's policies are described as vague and insufficient to align with the 1.5°C goal of the Paris Agreement.

The document argues that the financial sector is a critical driver of the economic model and must be regulated to enable a transition to sustainable societies. It outlines six actionable proposals for French and European implementation during a presidential term, focusing on ending support for fossil fuels, preventing greenwashing, and aligning central bank operations with climate targets.

Reclaim Finance argues that the Climate Action 100+ Net Zero Company Benchmark remains flawed due to an excessive number of poorly prioritized indicators that focus on future commitments rather than immediate evidence of alignment. The organization calls on investors to use the tool selectively and link their voting and engagement policies to a more streamlined version of the benchmark.

Reclaim Finance evaluates the CA100+ Net-Zero Company Benchmark, noting improvements such as the adoption of the IEA's Net Zero Emissions scenario and expanded scope. However, it criticizes the tool for being overly complex, focusing too much on commitments rather than absolute alignment, and using flawed methodologies for GHG emissions targets. The organization urges investors to use a simplified version of the framework to ensure voting behavior aligns with benchmark results, citing the 2021 TotalEnergies AGM as an example of this disconnect.