Credit Agricole CIB to Ramp Up Green Energy Financing as Part of Net-Zero Plan
December 09 2021 - 6:39AM
Dow Jones News
By Maitane Sardon
Credit Agricole SA's corporate and investment banking arm said
Thursday that it would increase its financing of companies spending
on renewables and technologies to cut emissions as part of its
net-zero program.
The French investment bank said that, by 2025, it will grow its
exposure to companies producing and storing green energy by 60%.
Its primary focus will be on financing renewable energies, it said.
It will also finance and advise companies developing low-carbon
hydrogen.
"I am convinced that we all have a personal responsibility in
the fight against global warming, for ourselves and future
generations," said Jacques Ripoll, chief executive officer of
Credit Agricole CIB.
The commitment, the bank said, is part of Credit Agricole
Group's strategy to meet the goals of the Net-Zero Banking
Alliance, a joint pledge to cut exposure to carbon that 92 banks
representing $66 trillion have signed.
Credit Agricole CIB said it has also introduced exclusion
policies for some polluting energies and will work to reduce its
exposure to oil.
The bank, which in 2017 promised to stopping direct financing of
oil projects in the Arctic on environmental concerns, said it would
extend the exclusion criteria to all new liquefied natural gas
projects in the region.
The company said that, by 2025, it aims to reduce its exposure
to upstream oil production by 20%, compared to 2020 levels.
Write to Maitane Sardon at maitane.sardon@wsj.com
(END) Dow Jones Newswires
December 09, 2021 06:24 ET (11:24 GMT)
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