December 6, 2017
Climate financing: Crédit Agricole S.A. is taking its commitments further
Two years after the Paris Agreement on climate change, the Group has decided to extend and clarify the commitments it made in 2015 by increasing green financing, including climate issues in risk assessments, excluding hydrocarbons that cause the most damage to the environment and offsetting its entire direct carbon footprint.
CREDIT AGRICOLE S.A. NEW COMMITMENTS:
1/ To arrange €100bn in green financing around the world by 2020. Crédit Agricole is extending the commitment it made at the COP21 to arrange €60m in green financing by 2018.
2/ To finance one in three renewable energy and energy efficiency projects in France by 2020. With this measure, Crédit Agricole intends to double financing for renewable energies in France.
3/ To take into account climate issues in our risk assessments of large clients and their projects, as of the end of 2017. We will gradually extend this process to other client categories.
4/ To exclude the least energy efficient hydrocarbons and those that pose the greatest threat to the environment, because these are incompatible with the goal of combating climate change and they represent an economic risk for investors. In particular, this commitment covers:
- All oil sands projects,
- All oil extracted from the Arctic region (off-shore and on-shore production),
- Shale gas or oil production involving excessive flaring or venting,
- Infrastructure projects mainly intended for schemes covered by the exclusion criteria set out above,
5/ To offset Crédit Agricole S.A. entire direct carbon footprint until 2040 via the Livelihoods carbon fund.