Commercial, Energy Efficiency, GHG Emissions  -  December 18, 2023

Crédit Agricole Accelerates Climate Commitments 

Crédit Agricole Group announced a series of strategies for its financing portfolios to achieve carbon neutrality by 2050. 

“In a context of climate emergency, we need to amplify our commitment towards measures supporting the transformation of society,” Philippe Brassac, Chief Executive Officer of Crédit Agricole S.A. said in a statement. “The strengthening of our climate strategy means to focus and amplify our commitments towards the energy sector, by focusing and strengthening our financial resources towards renewable energies. Furthermore, we will not finance any new fossil fuel extraction projects and we will adopt a selective approach to support energy players engaged in this transition, which will consequently reduce greenhouse gas emissions of this sector twice as fast as the Net Zero 2050 scenario defined by the International Energy Agency. The strengthening of our climate strategy will be monitored and reviewed quarterly by the Group top management.”

The bank’s climate strategy is based on three complementary areas: 

• Finance and invest massively in renewable energy, low-carbon infrastructure, clean technologies, and energy-efficiency projects; 
• Support customers in their social and economic transitions; and 
• Stop financing any new fossil fuel extraction projects and adopt a selective approach to support energy players engaged in this transition, which will consequently reduce GHG emissions of this sector twice as fast as the Net Zero 2050 scenario defined by the International Energy Agency.

Crédit Agricole is expanding its action by focusing resources on renewable energies and low-carbon infrastructure, which includes tripling annual financing of renewable energy between 2020 and 2030 as per the European Union’s recommendation and supporting energy suppliers in financing their renewable energy production projects, low-carbon infrastructure, and clean technologies, as well as those involving energy efficiency.

The company is also decreasing financed emissions twice as fast as the Net Zero 2050 scenario, including no financing of any new fossil fuel extraction project, and will halt corporate financing of independent producers dedicated exclusively to the exploration or production of oil and gas.