Depuis leur création, en France, en février 2001, les fonds solidaires, appelés couramment «fonds 90-10», se sont très rapidement imposés comme le principal outil de collecte d’épargne solidaire. Produits innovants, leur développement a été régulièrement encouragé par les pouvoirs publics, notamment grâce à la Loi de Modernisation de l’Économie (LME) du 4 août 2008 qui étend aux Plans d’Épargne Entreprise (PEE) l’obligation de présenter au moins un fonds solidaire aux salariés, bénéficiaires de dispositifs d’épargne salariale. Entrée en vigueur le 1er janvier 2010, cette obligation a eu un impact considérable sur le développement de l’épargne salariale solidaire et plus largement celui de la finance solidaire. Cette étude s’intéresse à l’évolution des fonds «90-10», 9 ans après l’application de la LME, principalement axée sur les fonds d’épargne salariale solidaire mais avec une vision un peu plus large, puisqu’elle englobe aussi des fonds «90-10» commercialisés par les banques, les assurances et les mutuelles.

Climate change is one of the greatest challenges facing humankind this century. If left unchecked, it is likely to result in more frequent and severe climatic events, with the potential to cause substantial disruption to our economies, businesses and livelihoods in the coming decades. Yet the associated risks remain poorly understood, as climate shocks differ from the financial shocks observed during previous crises. This paper describes the ECB’s economy-wide climate stress test, which has been developed to assess the resilience of non-financial corporates (NFCs) and euro area banks to climate risks, under various assumptions in terms of future climate policies. This stress test comprises three main pillars: (i) climate-specific scenarios to project climate and macroeconomic conditions over the next 30 years; (ii) a comprehensive dataset that combines climate and financial information for millions of companies worldwide and approximately 1,600 consolidated euro area banks; (iii) a novel set of climate-specific models to capture the direct and indirect transmission channels of climate risk drivers for firms and banks.
The results show that there are clear benefits to acting early: the short-term costs of the transition pale in comparison to the costs of unfettered climate change in the medium to long term. Additionally, the early adoption of policies to drive the transition to a zero-carbon economy also brings benefits in terms of investing in and rolling out more efficient technologies. The results also show that, although the effects of climate risk would increase moderately, on average, until 2050 if climate change is not mitigated, they would be concentrated in certain geographical areas and sectors. When comparing the effects of transition and physical risk, the outcomes indicate that physical risk would be more prominent in the long run, especially if policies to transition towards a greener economy were not introduced. Finally, the results suggest that for corporates and banks most exposed to climate risks, the impact would potentially be very significant, particularly in the absence of further climate mitigating actions. Climate change thus represents a major source of systemic risk, particularly for banks with portfolios concentrated in certain economic sectors and specific geographical areas.

Divestment has been a feature of the investment industry for decades. Attention has returned with the growth of the fossil fuel divestment campaign, among other recent environmental and social events. But what does divestment seek to achieve and does it work in practice? We carried out an objective assessment to find that it is not necessarily the most effective way to drive real change. We propose a new model for asset owners to drive change that centers on engagement and restricting the marginal supply of capital.

Même s'ils en ont peu, les pauvres ont de l'argent. Cet argent est source de fantasmes : on l'imagine mal dépensé, mal utilisé, mal alloué. Pourtant, on s'interroge peu sur la manière dont ils le gèrent, ce qu'il devient et qui il enrichit. Des émeutes du Nutella à la baisse des APL, en passant par le steak doré de Frank Ribéry, cet essai déconstruit notre perception de la pauvreté et interroge notre rapport à la consommation : la place du luxe ou du superflu dans nos vies, les dépenses contraintes, la nécessité - ou non - des "petits plaisirs" que l'on s'octroie, ou encore l'influence du regard de l'autre sur nos achats.