{"id":14748,"date":"2023-12-15T12:48:01","date_gmt":"2023-12-15T12:48:01","guid":{"rendered":"https:\/\/www.esgtoday.com\/?p=14748"},"modified":"2023-12-15T13:57:24","modified_gmt":"2023-12-15T13:57:24","slug":"credit-agricole-ends-financing-for-new-oil-and-gas-projects","status":"publish","type":"post","link":"https:\/\/www.esgtoday.com\/credit-agricole-ends-financing-for-new-oil-and-gas-projects\/","title":{"rendered":"Cr\u00e9dit Agricole Ends Financing for New Oil and Gas Projects"},"content":{"rendered":"<!--themify_builder_content-->\n<div id=\"themify_builder_content-14748\" data-postid=\"14748\" class=\"themify_builder_content themify_builder_content-14748 themify_builder tf_clear\">\n    <\/div>\n<!--\/themify_builder_content-->\n\n\n<p>Paris-based international banking and investment group Cr\u00e9dit Agricole announced today that it will no longer finance new fossil fuel extraction projects, and will end financing of independent producers focused exclusively on exploration or production of oil and gas.<\/p>\n\n\n\n<p>The new policies form part of a new series of measures announced by the bank, aimed at strengthening and accelerating its climate strategy, including several measures specifically targeting its business in the energy sector, and an expansion of its net zero-focused commitments to five new priority sectors, as well as a number of governance and management-focused initiatives to implement its climate ambitions.<\/p>\n\n\n\n<p>The announcement makes Cr\u00e9dit Agricole the latest in a series of major European-based banks to commit to exit new fossil fuel financing, with similar policies introduced over the past year by HSBC, <a href=\"https:\/\/www.esgtoday.com\/bnp-paribas-ends-financing-for-new-oil-and-gas-projects\/\" target=\"_blank\" rel=\"noreferrer noopener\">BNP Paribas<\/a> and Societe Generale. After <a href=\"https:\/\/www.esgtoday.com\/hsbc-ends-financing-for-new-oil-and-gas-projects\/\" target=\"_blank\" rel=\"noreferrer noopener\">HSBC announced its policy<\/a> in December 2022, each of the other banks, along with Barclays and Deutsche Bank were targeted in a <a href=\"https:\/\/www.esgtoday.com\/investor-urge-european-banks-to-follow-hsbc-on-ending-new-oil-gas-financing\/\" target=\"_blank\" rel=\"noreferrer noopener\">campaign led by ShareAction<\/a> and including investors representing more than $1.5 trillion in assets, calling for commitments to end financing for new oil and gas fields this year.<\/p>\n\n\n\n<p>In a statement following the bank&#8217;s announcement, Kelly Shields, Campaign Manager at ShareAction said: <\/p>\n\n\n\n<blockquote class=\"wp-block-quote\">\n<p>\u201cCr\u00e9dit Agricole is the latest global bank to announce it will stop financing companies specialising in oil and gas exploration and production, signalling that credit appetite for companies unwilling or unable to diversify away from fossil fuels is diminishing. The bank has also strengthened its commitment to exclude direct financing for new oil projects by extending it to gas projects. Pressure continues to build on banks that remain silent on oil and gas expansion.\u201d<\/p>\n<\/blockquote>\n\n\n\n<p>Additional energy sector-related commitments announced by Cr\u00e9dit Agricole include increasing its focus on renewable energies and low-carbon infrastructure, with goals including tripling annual financing of renewables by 2030, and growing exposure to low carbon energies by 80% by 2025, and to accelerate its financed emissions reductions in the sector to twice as fast as the net zero 2050 scenario.<\/p>\n\n\n\n<p>Cr\u00e9dit Agricole also adopt a \u201cselective approach\u201d to players involved in the energy transition, including reviewing its corporate financing for energy sector companies on a case-by-case basis, taking their transition commitments into account.<\/p>\n\n\n\n<p>As part of its revised climate strategy, the bank also introduced net zero 2050-focused commitments for five new sectors, including residential real estate, with plans to engage with property owners on energy efficient renovations, develop new customer solutions and position its credit and pricing policies to incentivize renovation work; agriculture, including supporting farmers in the transition process, launching an ag-focused voluntary carbon market and introducing funds targeting agriculture value stream decarbonization; aviation, with plans to finance new energy efficient aircraft and become involved in the sustainable aviation fuel value chain; shipping, including working to hep clients finance vessel retrofits and financing the construction of green fuel-powered vessels, and; steel, with plans to engage with clients not aligned on a 1.5\u00b0C trajectory to support their decarbonization and to provide project financing of low-carbon steel production technologies.<\/p>\n\n\n\n<p>Additional measures announced by Cr\u00e9dit Agricole include the creation of a new Societal Commitment Committee comprised of board members and an ESG Strategy Committee chaired by the CEO, and continued training of all employees on climate issues.<\/p>\n\n\n\n<p>The bank also stated that CSR performance criteria have been included in the remuneration of executive officers, accounting for 20% of annual variable remuneration, and 33% of long-term variable remuneration.<\/p>\n\n\n\n<p>Cr\u00e9dit Agricole CEO Philippe Brassac, said:<\/p>\n\n\n\n<blockquote class=\"wp-block-quote\">\n<p>\u201cIn a context of climate emergency, we need to amplify our commitment towards measures supporting the transformation of society. 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.\u201d<\/p>\n<\/blockquote><span class=\"et_bloom_bottom_trigger\"><\/span>","protected":false},"excerpt":{"rendered":"<p>Paris-based international banking and investment group Cr\u00e9dit Agricole announced today that it will no longer finance new fossil fuel extraction projects, and will end financing of independent producers focused exclusively on exploration or production of oil and gas. The new policies form part of a new series of measures announced by the bank, aimed at [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":14749,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"_uf_show_specific_survey":0,"_uf_disable_surveys":false,"footnotes":""},"categories":[36,30],"tags":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.8.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Cr\u00e9dit Agricole Ends Financing for New Oil and Gas Projects - ESG Today<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.esgtoday.com\/credit-agricole-ends-financing-for-new-oil-and-gas-projects\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Cr\u00e9dit Agricole Ends Financing for New Oil and Gas Projects - ESG Today\" \/>\n<meta property=\"og:description\" content=\"Paris-based international banking and investment group Cr\u00e9dit Agricole announced today that it will no longer finance new fossil fuel extraction projects, and will end financing of independent producers focused exclusively on exploration or production of oil and gas. 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