Jean-François Cirelli (Blackrock France) : «Nos investissements prennent en compte les risques env

First, a brief word on BlackRock's strategy. Most funds entrusted to us are for the long term—10, 20, 30 years—so we must consider our clients' long-term interests, which naturally include climate change impacts on company performance. Concretely, we do this in several ways: voting at general meetings with a long-term focus including environmental considerations; responding to Larry Fink's letter to major US CO2 emitters asking for commitments; and incorporating environmental risks into our investment policies as they affect financial performance.

Yes, I believe so. BlackRock is not the only asset manager integrating environmental considerations, but companies are becoming more aware, especially in Europe where they are leaders. Companies recognize that in a changing business environment with digital and social media impacts, ignoring these issues risks losing activity. Investors need to ensure long-term performance, which is why non-performing or polluting assets may be affected by regulation. I'm optimistic; over the last five years, there's been favorable evolution.

It's difficult to discern a direct premium in stock prices. However, there is a premium in that clients pressure us to invest in best-in-class companies, so capital flows towards the best in each sector. ESG principles were initially restrictive, excluding certain sectors, but now we're moving towards more proactive finance with impact funds and transition funds. For instance, we have low-carbon industrial funds and are creating transition funds to accompany companies rather than punish them, viewing progress as a film rather than a photograph.