On May 20, 2025, we had the pleasure of co-hosting a breakfast conference with France Invest on the theme "From Companies to LPs: Different perspectives on decarbonization."
The conference brought together four speakers from different parts of the investment chain to explore practical dynamics of decarbonization : from institutional investors (LPs) to portfolio companies, through to asset management firms (GPs).
Sandrine Lafon-Ceyral (Chief Responsible Officer, Amundi) – The LP Perspective
For Amundi, decarbonization starts as early as the due diligence phase. Their approach prioritizes collaboration over coercion: co-developing realistic climate roadmaps with GPs, even in contexts with varying ESG maturity. The level of GP engagement is now a key selection criterion—and can even be a deal-breaker. Sandrine emphasized the importance of transparency at both the fund and asset management level, and the need to standardize carbon data. While the goal is clear—tracking decarbonization trajectories—the implementation is still being structured.
Sarah Mathieu-Comtois (Sustainability Director, Meanings Capital Partners) – Proactive GP Engagement
At Meanings, decarbonization is embedded from the start in investment strategies. All activities are aligned with a 1.5°C SBTi trajectory, with strong support provided to portfolio companies. Climate action is seen as a strategic differentiator, especially valuable during exits. Sarah noted the varying maturity and expectations among LPs, but remains convinced that current ESG-related pressures—from geopolitical factors and omnibus legislation—do not undermine their long-term relevance.
Virginie Lambert (Partner, Naxicap Partners) – Translating Expectations into Action
Naxicap serves as a bridge between the increasing expectations of LPs and the operational realities of companies. ESG criteria are integrated starting from the initial investment committees. The example of Moria illustrates this: a decarbonization trajectory was initiated early and included in the shareholder agreement. Virginie stressed the importance of structured ESG reporting—not only to satisfy LPs, but also to instill a coherent ESG culture across the portfolio.
Rodolphe Devevey (Purchasing and CSR Director, Moria) – Transforming the Company from Within
At Moria, CSR was born from internal initiative and strongly backed by shareholders. Rodolphe developed an ambitious climate policy integrated with product strategy, a challenge in the highly sensitive medical sector. The first carbon footprint assessment conducted with Carbometrix laid the groundwork for an action plan. He emphasized that transformation is a long-term process—especially for scope 3 emissions—and that investor support is crucial to maintain momentum amidst the many pressures faced by SMEs.
This rich exchange continues to demonstrate that :
Progress in decarbonization requires reinforced dialogue between LPs, GPs, and companies, with each playing a specific role in building a more resilient economy.
Decarbonization creates value (market share gains, cost reduction, lower financing costs, better risk anticipation), provided it is integrated into the company’s strategy and business plan, driven and monitored by committed leaders, and reflected at exit in a dedicated "carbon business plan."
Standardized reporting is essential to free up time for concrete action for corporates.