Societe Generale has published a new objective of contributing €500 billion to sustainable finance by 2030.

The bank says it has reached the target of 300 billion euros of contribution to sustainable finance planned for 2022-2025. It is now setting a new target of 500 billion euros over 2024-2030. This is made up of 400 billion euros of financing and advice, and 100 billion euros of sustainable bonds with approximately 80% on the environmental component and 20% on the social component.

The new target aims to target financial flows at the decarbonization of the most emissive sectors and the bank aims to align its portfolios with a trajectory consistent with the goals of the Paris Agreement.

Slawomir Krupa, Chief Executive Officer of Societe Generale, said, “With our culture of innovation, our ESG leadership and our conviction that a responsible bank can play a crucial role in the challenges of the transition, Societe Generale continues to strengthen its contribution to sustainable development in the service of its clients. This year, we have taken new steps in the execution of our strategic roadmap with concrete progress that is reflected in the progressive reduction of our exposure to fossil fuels. We also continue to broaden our action by proactively supporting our clients in their own transitions with tailored solutions and an enriched sustainable finance offering, while supporting the emergence of new players and new technologies. I remain convinced that the transition to a low-carbon and sustainable economy requires collective and coordinated action, which Societe Generale is involved in on a daily basis.”

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