Credit Agricole to Stop Financing New Fossil Fuel Extraction Projects

By Helena Smolak

Credit Agricole said it aims to achieve carbon neutrality by 2050 and that it won't finance any new fossil fuel extraction projects.

The French lender said Thursday it expects to increase 80% of its exposure to low carbon energies through 2025 totalling 13.3 billion euros ($14.46 billion).

In addition, Credit Agricole aims to triple its annual financing of renewable energy projects between 2020 and 2030 and reduce its funds in the oil and gas sector, it said.

"We will not finance any new fossil fuel extraction projects and we will adopt a selective approach to support energy players engaged in this transition, which will consequently reduce green-house gas emissions of this sector twice as fast as the Net Zero 2050 scenario defined by the International Energy Agency," Philippe Brassac, chief executive officer of Credit Agricole said.

Its climate strategy progress will be reviewed quarterly, the company said.

Write to Helena Smolak at [e-mail]

(END) Dow Jones Newswires

December 14, 2023 01:48 ET (06:48 GMT)

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