French banks commit to fossil fuels divestment

A number of French banks have announced new commitments on divesting from fossil fuels at Climate Finance Day, hosted in Paris by Finance for Tomorrow.

• La Banque Postale reiterated its commitment towards a total withdrawal from fossil fuels (oil & gas) by 2030, which was announced on 14 October.

• BPCE announced two main priorities: to continue the decarbonation of portfolios, thanks mainly to the climate impact tool « Green Weighting Factor », and to continue supporting businesses, with €21 billion dedicated to financing the better energy efficiency of buildings, as well as renewable energy sources and green mobility.

• Caisse des Dépôts, in accordance with the commitments made at the Climate Finance Day in October 2020, will push further its policy of excluding non-European and European listed companies from the oil and gas sector that don’t have a credible climate risk strategy from its equity and bond portfolios.

• The Crédit Agricole Group takes part in the collective commitments made by the major financial institutions while supporting the Net Zero Alliances in all business lines: banking, asset management (Amundi) and insurance (CA Assurances); and by joining the coalition of the six largest French banks against global warming, with, as of January 2022, a definitive ceasing of all financing for projects related to the extraction of oil and gas from shale and tar sands. Moreover, the Group completes these collective commitments with personal ones regarding the protection of the Arctic zone, where direct financing of oil and gas projects will be excluded, and the significant reduction of financing for the oil production by 20% by 2025.