On 18 November Caisse des Dépôts, EdF, and eight major French insurance companies (Allianz France, Aviva France, Axa France, BNP Paribas Cardif, CNP Assurances, Macif, Maif and Société Générale Assurances) launched three funds for a total initial amount of €500mn. The final objective: fighting global warming.
The three Climate Ambition funds will initially come to a total of €500mn, divided as follows:
- Two funds will be invested in European equity and with €200mn each;
- One fund will be invested in European investment grade bonds for an amount of €100mn.
To implement them, the ten institutional investors are looking for management companies the mission of which will be to present innovative methods for integrating the fight against global warming into financial management. They should propose an ambitious climate friendly strategy to align with the objectives of the Paris Agreement, with a high level of reporting and transparency.
Tender documents may be downloaded from the AFG website: https://www.afg.asso.fr/
The initiative is supported by Fédération française de l'assurance (FFA), Association française de gestion financière (AFG), Association française des investisseurs institutionnels (Af2i) and Finance For Tomorrow, which mobilizes the French financial ecosystem to redirect financial flows towards a sustainable and inclusive economy1.
The funds will be open for subscription by other institutional investors upon their creation2.
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(1) Finance for Tomorrow is an initiative of Paris Europlace
(2) Contact at the end of the press release