Fight over the pension fund

The Fonds de Compensation de la Sécurité Sociale was created in the early 2000s from the surplus of social security contributions. The Ministry of Social Security tried to give the fund a broad range of investments with a wide spread of risk. Ensuring profitability and security of investments were the maxims at the beginning. This thinking continues to influence decision-makers at FDC today.

A legacy that is a sword of Damocles for many NGOs: "The most important thing remaining in the fund is the direct return, not the medium- or long-term orientation. That's what the law says, so to speak, and here precisely you find the error in thinking that prevents a more sustainable fund", says Paul Polfer, who represents the Climate Watchdog Votum Klima. He believes politics should also be called upon to prepare the way for legal framework conditions. Research by Greenpeace shows that the FDC has invested in fossil fuels in 2019 as well. Among the climate-damaging companies invested in are Shell, Total and Exxon Mobil, for example. These companies are among the so-called carbon majors, making them one of the 100 companies responsible for over 70 per cent of greenhouse gas emissions since 1988. In total, the FDC invested in 32 of the 50 largest carbon majors with approximately 285 million euros.