Summary: Credit Agricole to Stop Financing New Fossil Fuel Extraction Projects
One of the greatest ways financial institutions can have an impact on sustainability is deciding what they finance.
Credit Agricole, a prominent French lender, is doing just that — they’ve pledged to stop financing new fossil fuel extraction projects, just a day after COP28. They’ve set ambitious targets: reduce funds in the Oil and Gas sector by 75% and triple annual financing of renewable energy projects by 2030.
Credit Agricole follows in the footsteps of many other major banks — HSBC and BNP Paribas have both declared that they would also stop financing new oil and gas projects. It is also now one of more than 70 European banks in the United Nations Net Zero Banking Alliance, a group that has pledged to phase out greenhouse gas emissions from their portfolios by 2050, with specific targets.
