Crédit Agricole commits to a complete exit from coal

To strengthen its efforts and commitments to the energy transition, Crédit Agricole has adopted a Group climate strategy, aligned with the Paris Agreement, which will be implemented across all its entities. Through this strategy, the Group aims to make green finance one of its growth drivers.

To strengthen its efforts and commitments to the energy transition, Crédit Agricole has adopted a Group climate strategy, aligned with the Paris Agreement, which will be implemented across all its entities. Through this strategy, the Group aims to make green finance one of its growth drivers. In this context, Crédit Agricole is the first major bank to make phasing out coal a climate imperative.

There are several components to this commitment:

• Gradual reduction of portfolio exposure to coal in a scenario of a total exit by: 2030 for OECD countries / 2040 for China / 2050 for the rest of the world.
• Communication of the coal exposure of portfolios annually from the end of 2019.
  Request for companies to communicate a plan for the withdrawal of their coal assets (according to the 2030/2040/2050 schedule depending on the location of their assets).
• Termination of relations with developers of new thermal coal capacities from 2019.
• No development of relationships with companies whose coal activity exceeds 25% of turnover. For companies beyond this level and with a degraded transition rating, only financing for renewable energy projects will be possible.
• Placement of companies outside the process in a “under transition vigilance” portfolio leading to a reduction or even a freeze of our financial support.

A picture update with Eric Campos, Director of CSR at Crédit Agricole SA and General Delegate of the Grameen Crédit Agricole SA Foundation.