At the heart of our offer... CPR Actions France Climat

Since 2018, CPRAM has been building its expertise in climate-related challenges and developing investment solutions designed to support the transition to a low-carbon economy. With CPR Actions France Climat, CPRAM is expanding its climate fund range through a French equity strategy that combines active stock selection, lower portfolio carbon intensity and support for local projects in France.

Gaël Des Prez De La Morlais, fund manager of CPR Actions France Climat at CPRAM, shares his approach to the climate theme and his outlook for the future.

The fund’s climate approach is based on two complementary pillars.

The first pillar concerns portfolio construction. We select French companies with the aim of achieving carbon intensity at least 20% lower than that of the SBF 120, while keeping the fund on a decarbonisation pathway defined according to our internal methodology. This approach is supported by demanding criteria: excluding activities that are incompatible with climate objectives, the poorest ESG practices and major controversies, while selecting the companies most committed to the transition to a low-carbon economy.

An important aspect of our investment philosophy is to maintain exposure to sectors facing significant climate challenges, such as industry and transport, with a weighting at least equivalent to that of the index. The aim is not to avoid the most carbon-intensive sectors, but to identify, within those sectors, the companies best positioned to evolve and contribute to the transition.

The second pillar relates to the financing of local projects in France. Part of the management fees is used to purchase voluntary carbon credits generated by French agricultural and forestry projects certified under the French Low-Carbon Label. This contribution is intended to offset all or part of the portfolio’s residual carbon footprint.

Through this two-pronged approach, the fund combines listed-equity investment, reduced carbon intensity and tangible support for the decarbonisation of the French economy.

Every company held in the portfolio undergoes in-depth analysis. Naturally, we assess its financial fundamentals, but also its ability to make a lasting contribution to the climate transition. In particular, we evaluate its sector positioning, the credibility of its emissions-reduction strategy, the quality of its ESG practices and its exposure to environmental challenges.

To do this, we use several recognised indicators and frameworks, including the work of the Carbon Disclosure Project (CDP) and the Science Based Targets initiative (SBTi). These help us assess companies’ transparency, climate commitments and alignment with science-based emissions-reduction pathways. We complement this with our own internal analysis to identify the companies that are most committed and best prepared for changes in the regulatory and economic environment.

For the projects we finance, we favour certified, auditable and traceable projects under the French Low-Carbon Label, selected in partnership with Carbioz, a recently established entity within Crédit Agricole Capital Naturel. Carbioz identifies and monitors French agricultural and forestry projects with strong local roots.

In practice, these projects can take a variety of forms: reducing the use of nitrogen fertilisers, planting hedgerows, developing more carbon-efficient farming practices and implementing forestry initiatives. Beyond their contribution to decarbonisation, these projects can also have positive local impacts, such as improving soil quality, supporting biodiversity and generating economic benefits for local communities.

In 2026, the transition to a low-carbon economy continues to accelerate, both in France and worldwide. In the face of climate risks, an evolving regulatory framework and rising stakeholder expectations, companies with the strongest environmental practices should be better positioned for the future.

Against this backdrop, we believe the French market is particularly attractive. It provides exposure to key transition-related sectors, including industry, transport, capital goods and certain service activities. Our conviction is that the transformation of the economy will not be driven solely by the emergence of new players, but also by established companies’ ability to adapt their business models, invest and progressively reduce their carbon footprint.

This momentum is also supported by ambitious public policies aimed at protecting the environment and accelerating decarbonisation. For investors, this may create long-term opportunities among the French companies most committed to the transition.

Of course, the transition to a low-carbon economy will not be linear. Investment cycles, operational constraints, regulatory developments and market volatility may all lead to periods of adjustment. Over the long term, however, we believe that companies able to combine economic performance, ESG discipline and credible climate action should be among the best equipped to create value.