Amundi

1. Targets: Near absence of greenhouse gas emissions targets (monetary intensity target on Net Zero products). Thermal coal exclusion policy is fairly strong but weakened by the fact that it can be lifted at the client’s request. The oil and gas policy relies more on engagement (addressed in module 7) than on exclusion, with the latter limited to non-conventional activities and, more recently, an opening toward players deemed not aligned with IEA scenarios, although under modalities that appear improvable (trajectory for upstream players based on scopes 1, 2 and upstream scope 3 emissions, rather than the main source represented by product use). The deforestation policy only addresses controversies in terms of exclusions.

3. Intangible investment: The training program continues to expand. Public disclosure of additional elements (resources mobilized, targeted skills and financial resources) would be necessary to allow better recognition within the methodology.

4. Portfolio climate performance: No public information is available regarding low-carbon or transition assets, although a green-brown ratio is mentioned. Consequently, the default taxonomy-based approach was applied to address the quantitative aspect of the module, with an improvement compared to last year (alignment rate increasing from 3% to 8%, but without narrative explanations for this evolution). Furthermore, although a transition analysis methodology is mentioned (Amundi Transition Score), the recognition of this element remains limited in the absence of concrete information on the state of the portfolio and its management against this metric.

5. Governance: Comprehensive governance and dedicated teams are in place. Following the completion of the 2025 plan, a new 2028 plan has been presented, but it still appears largely principle-based (notably with no quantitative target formulated for Net Zero offerings). Variable remuneration is indexed to ESG/CSR topics without explicitly identifying a climate component or a link with concrete indicators. Finally, risk-related aspects remain descriptive, with almost no information on stress tests.

6. Investor engagement: The implementation of a range of Net Zero products is the strong point of Amundi’s climate strategy. However, the framework itself is not detailed and no specific distribution strategy for these products has been identified, with the 2028 strategy referring to the principle of maintaining a broad offering without any identified engagement strategy to support it at this stage.

7. Client engagement: Amundi deploys significant resources in this area with a structured engagement process defining dialogue objectives and themes, targeted goals, a timeline and an escalation strategy in case of failure. Several examples of engagement with various outcomes (positive and negative, up to exclusion) are available. However, the escalation process remains at Amundi’s discretion, meaning there is no systematic signal for issuers. In addition, while overall monitoring of results (“issuer momentum”) is sometimes mentioned, the report lacks concrete feedback on the actual implementation or non-implementation of ultimate escalation levers (including exclusion), making these levers potentially theoretical. Finally, contextualizing the effectiveness of the engagement lever against transition needs would provide added value.

8. Public engagement: Amundi is a member of the NZAM Alliance and appears to have complied with its commitments so far. No public lobbying activities detrimental to achieving the Paris Agreement have been identified.

9. Business model: Amundi offers a number of initiatives (Net Zero offering, analytical tools) intended to facilitate the reallocation of financial flows. However, the actual deployment ambitions by 2028 are unknown. Furthermore, Amundi’s business model remains focused on serving its clients, including those whose objectives may be incompatible with the Paris Agreement.