Credit Agricole : Crédit Agricole stops financing new coal-fired power plant projects
October 27, 2016 at 02:41 pm IST
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Paris, 26 october 2016
In the run-up to the Climate Finance Day in Casablanca and COP22 in Marrakesh, Crédit Agricole has decided to stop financing new coal-fired power plants or extensions. This means that no more new financing will be provided other than commitments already made.
This measure attests to Crédit Agricole's renewed commitment to supporting major changes in society in which its clients are involved in terms of combating climate disruption and transition to new energy sources. It has extended the commitments made in May 2015 and then in September 2015, ahead of COP21, to no longer finance coal mines or operators specialising in this area worldwide, or new coal-fired power plants in high income countries. The Group's policies concerning its commitments in sensitive sectors in terms of the environment and climate change will continue to be adapted in order to best respond to major issues of concern to all, along with our clients.
This announcement is in addition to the commitments made by Crédit Agricole CIB, the Group's corporate and investment banking arm, announced at the time of COP21, to structure €60 billion of new climate finance between now and the end of 2018. Between 1 January and 30 September 2016, €22.5 billion of this target was achieved.
Crédit Agricole SA published this content on 26 October 2016 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 27 October 2016 09:11:05 UTC.
Original documenthttp://www.credit-agricole.com/en/News-analysis/Press-releases/General-Press-Releases/Credit-Agricole-stops-financing-new-coal-fired-power-plant-projects
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Crédit Agricole S.A. is one of the leading European banking groups and is the leading financial backer of the French economy. Net Banking Product breaks down by activity as follows:
- retail banking (30.1%): activities in France (Crédit Lyonnais) and abroad. Furthermore, the group is present in France via its 39 regional networks of branches (making it the biggest French banking network);
- finance, investment and market banking (30.1%): standard and specialized bank financing activities (financing for acquisitions, projects, aeronautical and maritime assets, etc.), stock operations, consulting in mergers and acquisitions, investment capital, etc.;
- asset management, insurance and private banking (25.9%);
- specialized financial services (13.9%): consumer loan, leasing and factoring (No. 1 in France).
At the end of 2023, Crédit Agricole S.A. managed EUR 835 billion in current deposits and EUR 516.3 billion in current credits.
NBP is distributed geographically as follows: France (46%), Italy (20%), European Union (14.3%), Europe (7.2%), North America (6%), Japan (1.3%), Asia and Oceania (3 .5%), Africa and Middle East (1.3%), Central America and South America (0.4%).