The objective of the Climate Finance Day, organised by Finance for Tomorrow* on 26 October in Paris, was to discuss the actions to be taken to accelerate the deployment of sustainable finance and democratise impact finance: "Sustainable finance: it's time for a real impact". An opportunity to make new announcements in favour of a fair and sustainable transformation of the economy.
I call upon the Paris financial centre to commit to a trajectory of reducing the carbon intensity of investments, in line with the Paris Agreement. This trajectory must be concrete and transparent, endowed with a binding timetable.
Bruno Le Maire, French Minister of the Economy, Finance and the Recovery
Caisse des Dépôts, in accordance with the commitments made at the Climate Finance Day in October 2020, will push further its policy of excluding non-European and European listed companies from the oil and gas sector that don’t have a credible climate risk strategy from its equity and bond portfolios. This will be done on the basis of the objective criteria which are listed in Appendix 1 of the press release. It will maintain a minority stake in a limited number of companies in this sector, with which it has an effective shareholder discussion and which have undertaken a reorientation of their activities. In addition, in order to improve the speed at which national climate objectives are reached and to adopt the key principles of "impact finance", Banque des Territoires and Bpifrance did commit to increase the cumulative share of their financing in favour of the ecological transition to 40% in 2024 (this share was of 26% in 2020). All of the CDC Group's announcements can be found in Appendix 1 of the press release.
La Banque Postale reiterated its commitment towards a total withdrawal from fossil fuels (oil & gas) by 2030, which was announced on 14 October. Read more
Read the press release and know more
Read the article of I4CE Finance at COP26: Watch out for the unsexy
* Paris Europlace branch