Credit Agricole (CA) announced on Thursday a significant enhancement of its climate strategy to achieve carbon neutrality by 2050. According to the company, among the measures taken to achieve that goal, it is committed to tripling its annual renewable energy financing by 2030 and increasing exposure to low-carbon energy by 80% by 2025.
The strategy of CA comprises three main axes: massive financing and investment in renewable energy, low-carbon infrastructure, and clean technologies; support for customers in their social and economic transitions; and a halt to new fossil fuel extraction project financing. The group has already made significant progress, achieving a 40% decrease in oil and gas sector financed emissions.
The bank also focuses on new commitments in five sectors: Residential real estate, Agriculture, Aviation, Shipping, and Steel, with detailed action plans for each. "Furthermore, 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," said Philippe Brassac, Chief Executive Officer of Crédit Agricole SA.