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The report assesses Amundi, Europe's largest asset manager, claiming a gap between its sustainable finance marketing and its actual investments. It highlights three primary climate risks: the growth of passive management which bypasses fossil fuel exclusions, a failure to use shareholder voting to penalize coal developers, and continued financial support for oil and gas expansion, including in the Arctic.

The document outlines six specific proposals to reform financial practices in France and the European Union to combat climate change. These include banning the financing of new fossil fuel projects, introducing a 'nutri-score' for the carbon impact of financial products, increasing capital requirements for banks supporting fossil fuels, aligning European Central Bank (ECB) operations with climate goals, ending export financing for hydrocarbons, and strengthening shareholder rights to influence corporate climate strategies.

Reclaim Finance challenges Crédit Agricole's commitment to net-zero goals, citing the bank's role as a top financier for companies like TotalEnergies and Saudi Aramco. The document questions the bank's failure to stop financing new oil and gas expansion, its inadequate exclusion policies for non-conventional fuels and Arctic projects, and its indirect support for the EACOP project. It also addresses the bank's ties to Russian fossil fuel activities, alleged infractions in its coal policy, and the voting behavior of its asset management subsidiary, Amundi, regarding the climate plans of oil majors.

The report analyzes the EU's Taxonomy Delegated Act of February 2nd, 2022, which classifies certain gas and nuclear energy activities as "transitional." Reclaim Finance argues that the criteria for gas-fired plants are too lenient, potentially leading to stranded assets and incompatibility with the 1.5C goal. It further contends that new nuclear reactors are unsuitable as transitional activities due to long construction times and unresolved long-term waste management costs.

Reclaim Finance reports that Amundi continues to support coal-expanding companies despite a 2019 commitment to exit the sector. The analysis finds that 94% of coal companies in the portfolios of major French financial institutions lack satisfactory exit plans, and Amundi is invested in all of them. The document highlights failures in Amundi's passive management strategy, where it voted in favor of 78% of resolutions from 13 coal developers, and criticizes its engagement policy for lacking precise requirements and binding sanctions.

The briefing argues that financial institutions must move beyond vague requests and implement strict, time-bound criteria to ensure coal companies genuinely phase out thermal coal. It establishes immediate thresholds for stopping financing to coal majors and outlines ten requirements for credible phase-out plans, including specific closure dates, prohibitions on selling plants or converting them to other fossil fuels, and the requirement for just transition plans.

Reclaim Finance criticizes the Transition Pathway Initiative (TPI) for its energy sector benchmark, claiming it erroneously labels companies like TotalEnergies, Eni, and RWE as 1.5°C-aligned. The author argues the TPI methodology is flawed because it relies on company declarations rather than capital expenditure plans, ignores scope 3 emission targets, and overlooks the necessity of immediate short-term emission cuts, focusing instead on long-term targets for 2050.

The document claims that France is lagging behind internationally in the use of shareholder climate resolutions during general meetings. It asserts that major companies like TotalEnergies and Vinci have discouraged investors by claiming such resolutions are inadmissible under corporate law, a position the author describes as a 'tactique de dissuasion'. The text calls for urgent intervention from the French government and supervisors before the 2022 general meetings to ensure legal certainty for investors seeking to align portfolios with climate goals.

The report finds that the vast majority of analyzed coal companies have failed to implement credible phase-out plans, with only 6% meeting basic criteria. Many companies continue to expand coal capacity, set exit dates beyond 2040, or use 'greenwashing' tactics such as selling assets to other owners or converting coal plants to gas and biomass. The authors argue that current 'soft' engagement by financial institutions is ineffective due to a lack of strong sanctions, and they call for robust coal exit policies that condition financial services on Paris-aligned plans.

The report analyzes the IEA's Net Zero Emissions by 2050 (NZE) scenario, highlighting its call for an immediate end to new fossil fuel supply projects and a 75% reduction in methane emissions by 2030. While acknowledging the NZE as a benchmark for 1.5C alignment, the author criticizes its heavy reliance on carbon capture and storage (CCS), carbon dioxide removal (CDR), and biomass, which the report argues could prolong fossil fuel use and cause land-use conflicts. It further notes that the IEA underestimates the cost-competitiveness of renewables and the risks associated with nuclear energy. The document recommends that financial institutions immediately cease support for new fossil fuel and LNG projects and that the IEA adopt a more precautionary approach to unproven technologies.

Reclaim Finance criticizes Crédit Agricole for maintaining significant financial ties to the fossil fuel industry despite claiming to be a 'green bank'. The organization highlights that the bank provided $64 billion to fossil fuels between 2016 and 2020 and remains a top supporter of TotalEnergies. The text specifically calls for the bank to expand its Arctic exclusion zones, exit non-conventional hydrocarbons by 2030, and align the investment policies of its asset manager, Amundi, with its climate goals.

Reclaim Finance asserts that TotalEnergies' corporate strategy is incompatible with climate science, specifically citing plans to increase gas production by over 30% by 2030 and expand operations in the Arctic and East Africa. The document highlights that between 2016 and 2020, over 30 commercial banks provided $40.6 billion to the company, with major contributors including Barclays, JPMorgan Chase, and several French banks. It calls for financial institutions to end support for fossil fuel developers and adopt a 'no new oil and gas' principle, citing La Banque Postale as a precedent for ending support for companies developing new oil and gas projects.

The statement calls for an immediate end to the financing of conventional and unconventional oil and gas expansion in France. It contrasts the recommendations of French regulators (ACPR and AMF) with the actions of Minister Bruno Le Maire and major banks like BNP Paribas, which it claims maintain the status quo. While some investors and banks like La Banque Postale and Crédit Mutuel have committed to ending support for new projects, the document asserts that many others use 'diversion strategies' or flawed policies to continue backing oil and gas majors, specifically TotalEnergies.

The report critiques the GFANZ network, noting that while it represents over a third of the world's investable capital, its guidelines are riddled with loopholes. Key failures include the lack of mandatory absolute emission targets, the omission of fossil fuel restrictions in the Race to Zero criteria, and a reliance on 'analysis paralysis' through complex financed emissions accounting. The author recommends that alliances mandate the cessation of financial services for new fossil fuel supply and require clients to adopt robust phase-out plans for coal, oil, and gas.

The document outlines the role of major soy traders in driving deforestation in the Brazilian Amazon and Cerrado, critiquing current sustainability policies and certification schemes as insufficient. It recommends that financial institutions make financing contingent on traders adopting a January 2020 cut-off date, full traceability, and robust monitoring, with a timeline for suspending or ceasing services for non-compliance by 2023 and 2024.

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.

Reclaim Finance argues that Natixis's pledge to reduce oil and gas financing by 15% by 2024 is inadequate because it does not prohibit new loans to expanding companies and excludes equity and bond issuance support.

Reclaim Finance criticizes the French financial center for continuing to fund the expansion of fossil fuels despite scientific warnings. While a few institutions like La Banque Postale, MAIF, and Ircantec have committed to exiting oil, gas, and unconventional hydrocarbons by 2030, the document claims most French banks and insurers, including AXA, remain supportive of the industry. It specifically highlights TotalEnergies' plans to increase gas production by 35% by 2030 and calls on the French government to implement a mandatory regulatory framework to end fossil fuel financing.

A coalition of environmental organizations, including Reclaim Finance and Greenpeace France, urges AXA to align its energy policy with the IEA's Net Zero Emissions scenario by stopping the underwriting of new fossil fuel exploration and infrastructure. The letter argues that AXA, as a leader in the Net-Zero Insurance Alliance and a pioneer in coal divestment, must now phase out support for oil and gas expansion to maintain its climate credibility and shareholder value.

A coalition of environmental organizations, including Reclaim Finance and Greenpeace, is urging AXA to end its insurance services for new oil and gas production and transportation infrastructure. The letter argues that AXA, as a leader in the insurance industry and chair of the Net-Zero Insurance Alliance, should follow the International Energy Agency's (IEA) 2021 World Energy Outlook, which states that no new fossil fuel exploration or fields are required for a net-zero scenario. The authors highlight AXA's previous leadership in divesting from coal and suggest that a similar exit from oil and gas would benefit both the climate and the company's shareholder value.