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Ahead of COP21, Crédit Agricole S.A. promotes climate finance alongside development banks
Parallel to the annual meetings of the World Bank and the IMF and on the occasion of the ministerial meeting on climate finance jointly organised by Peru and France in Lima on 9 October 2015, 10 of the world’s leading financial institutions have presented an initiative to adopt five voluntary principles that aim to ensure better integration of climate change considerations into their strategies. Crédit Agricole S.A. is the first commercial bank to support this initiative.
The “Mainstreaming Climate Action Within Financial Institutions” initiative is the result of the work of the multilateral development banks and a number of major financial institutions and public development agencies, drawing on existing best practices such as the Climate Principles published in 2008, of which Crédit Agricole S.A. is one of the founder members. The initiative sets out five voluntary practical and operational principles designed to enhance and mainstream how climate change is taken into account in the activities of financial institutions in order to facilitate financing of energy transition and a low-carbon economy.
The wording of the initiative will be published on its official launch at COP21 in Paris in December 2015. All public and private financial institutions are invited to sign up.
This asserts Crédit Agricole’s commitment to offering its customers the best possible solutions to help with the gradual shift towards a low-carbon economy. The Crédit Agricole Group is the No. 1 bank for financing renewable energies in France, the No. 1 financer of energy-efficiency buildings in France, a founder member of the association for the promotion of low-carbon buildings, a world market leader in Green Bonds and one of the four authors of the Green Bond Principles, and the first asset manager, with Amundi, to offer low-carbon index funds. In May 2015, Crédit Agricole S.A was also the first major international bank to make a commitment to end all financing of coal mines or companies specialising in this activity, and in September 2015 it made a commitment to end all financing of coal-fired power stations in high income countries as defined by the World Bank.
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