Some 46 sovereign and other asset managers, weighing $ 36 trillion, share their work on the ecological transition. They participated, Monday, a plenary at the invitation of Emmanuel Macron.
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One afternoon to $ 36 billion (€ 31,000 billion): Rarely the leaders of financial institutions totaling such firepower will have been gathered, even if the essential was done by screen interposed. Monday, October 4, the annual Grand Mass of the Coalition One Planet Sovereign Wealth Funds (OPSWF – “Sovereign One Planet Fund”) was held at the Elysee, in the presence of Emmanuel Macron and John Kerry, the envoy Special on the climate of the President of the United States, Joe Biden, as well as Mark Carney, adviser of the British Prime Minister Boris Johnson for COP 26.
This international platform was created by President Macron, in December 2017, to “accelerate” the establishment of online management policies with the Paris Agreements in sovereign funds, these armed States of States, With the idea of training, then, private finance. “Our investment policy is based on the responsibility that is ours to generate a sustainable return for future generations,” reminds Mansoor Bin Ebrahim al-Mahmoud, the general manager of Qatar Investment Authority (QIA).
With its homologues of Abu Dhabi (ADIA), Kuwait (Kia), New Zealand (NZSF) and Saudi Arabia (PIF), the Qatari Fund is one of five founding members to the committee of PILOTAGE OF THE OPSWF. Over the years, the circle has expanded to now count 43 members, including asset managers (Amundi, Blackrock, HSBC Asset Management …) and investment funds (Ardian, Carlyle, Macquarie …).
“The results struggle to be felt”
“This is not the first appointment between the French government and the sovereign funds, and the results are struggling to be felt on the front of the decarbonation of financial flows. The billions of dollars still invested by certain funds Sovereigns, like that of Japan, in the coal sector, say it’s long on the way that remains to be brought to align their portfolios with the recommendations of the International Energy Agency, “deplore Lucie Pinson, at the head of NGO Reclaim Finance. For her, “it is not just enough to get out of the coal, but not to develop a new field of fossil energies, and to fully decarner the electricity production sector, at the latest by 2040 “. “Let’s hope that this meeting at a month of COP26 finally results in real commitments.”
The participants in the coalition, they testify to a background work, a virtuous emulation that begins to bear fruit. Investments from QIA in plant meat manufacturers to those of Mubadala (Abu Dhabi) in the “green” hydrogen, through the reduction of the use of nitrogen fertilizers in Farms belonging to the NZSF, the funds Monday, “more than a hundred” of concrete achievements have been state.
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