31.05.2016

Crédit Agricole CIB becomes the first French bank to partner the Green Climate Fund

Crédit Agricole CIB is the first French bank and one of only three commercial banks in the world to be accredited by the Green Climate Fund, whose goal is to facilitate and promote the development of products aimed at cutting greenhouse gas emissions and responding to the impact of climate change in developing countries. With this accreditation, Crédit Agricole CIB can now offer the Green Climate Fund to take part in its clients green projects, through different formats.

This partnership further strengthens the commitment to sustainable development made by Crédit Agricole CIB and the entire Crédit Agricole Group, whether in terms of establishing best practices – previous initiatives include being a founding member of the Equator Principles, co-drafting the Green Bond Principles and teaming up with ADEME to draw up the first ever methodology for quantifying carbon emissions – or providing financing to businesses and financial institutions, particularly through the application of sector-specific policies. Positions taken by the Group and Crédit Agricole CIB to support the energy transition were instrumental in obtaining accreditation.

The Green Climate Fund, which is headquartered in South Korea, was created at the 2010 Cancun Climate Conference (COP16) and approved its first investments in 2015. To deploy its resources, it relies on a network of approved financial institutions whose procedures and practices satisfy its standards. The initial funds raised by the 42 participating governments now top USD 10 billion, and the aim in the first stage is to approve USD 2.5 billion in investments each year through to 2018.