Credit Agricole CIB to Ramp Up Green Energy Financing as Part of Net-Zero Plan

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 [e-mail]

(END) Dow Jones Newswires

December 09, 2021 06:24 ET (11:24 GMT)

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