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 helena.smolak@wsj.com
(END) Dow Jones Newswires
December 14, 2023 01:48 ET (06:48 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.-
What’s Happening in the Markets This Week
-
Worst-Performing Stock ETFs of the Quarter
-
Q3 in Review and Q4 2024 Market Outlook
-
Top-Performing Stock ETFs of the Quarter
-
September Jobs Report Forecasts Show Moderate Hiring Gains
-
Port Strike a Headache for Shippers but a Potential Tailwind for Certain US Transport Stocks
-
13 Charts on Q3′s Roller-Coaster Rally for Stocks and Bonds
-
5 Stocks to Buy Instead of Overpriced US Equities
-
3 Dividend Stocks for October 2024
-
Consumer Defensives: Despite Angst, Thirsty Investors Have Names to Pursue
-
Industrials: Many Stocks Overvalued After Q3 Outperformance
-
Basic Materials: Despite Index Rise, We See Multiple Long-Term Opportunities
-
What the Election Could Mean for Big Tech Stocks
-
3 Lessons From Recent Stock Market Drama
-
Consumer Cyclicals: Even Amid Moderating Consumer Spending, We See Discounts
-
Healthcare: Valuations Look Fair Overall, With Select Industries Still Undervalued