The Caisse des dépôts et consignations (CDC), the French state-owned institution managing saving accounts, engages itself for more responsible investment.
Pierre-René Lemas, CEO of the CDC, has announced the plan ahead of the Climate Finance Day, which takes place in Paris on 22nd May. The event gathers a thousand financial firms in order to set the agenda for the climate conference COP21, taking place next December in Paris.
During a press conference ahead of Climate Finance Day, CDC said it wants to put the pressure on the firms where it has a stake in order to push them to reduce their greenhouse gas emissions.
Lemas also said that CDC will add the energy transition theme to the average risk-return mechanism that it normally uses in its portfolio management activities.
Some goals will be set by the group. If they are not reached, the CDC would think of reallocating its assets, Lemas warned.
By the end of 2015, the CDC will evaluate the carbon footprint of all the investments it has made throughout the year. The group intends to cut its carbon footprint by 2020, especially in real estate, where they would like it to be somewhere between 35% and 38%. CDC said it is also looking at cutting its carbon footprint in infrastructures between 14% and 15%.
Moreover, the CDC will contribute to the energy transition to a low carbon policy in France by financing the project with up to €15bn by 2017, including €5bn loans to local authorities.
Lemas said he hopes the action of the CDC will encourage financial institutions to commit to more responsible investment.
The CDC currently manages around €22bn of assets.