Crédit Agricole CIB joins the Hydrogen Council
Crédit Agricole CIB has joined the Hydrogen Council, a global initiative focused on hydrogen energy comprising over 80 leading players in the energy, transport, industry and finance sectors. This involvement will enable CACIB to contribute, through its support for its customers, to the development of this transition energy and therefore meet the Group’s Climate objectives, consistent with the Paris Agreement.
According to projections, 18% of global energy demand could be supplied by hydrogen by 2050, contributing to a reduction in greenhouse gas emissions of approximately 6 Gt per year, 20% of what is needed to meet the targets of the Paris Agreement. This will require additional investments of between $20 billion and $25 billion a year between now and 2030. A new “investors” group, to which Crédit Agricole CIB belongs, was recently formed at the Hydrogen Council to connect investors with the industry, the objective being the massive global expansion of hydrogen solutions. Crédit Agricole’s role in this effort will be to support the projects and onboard new players, both in equity and debt.
Commenting, Jacques Ripoll, Chief Executive Officer of Crédit Agricole CIB, said:
“Joining the Hydrogen Council will enable us to strengthen support for our customers in the adoption of this clean energy and to share the market’s best practices. This ties in naturally with our long-standing commitment alongside the players in the energy transition.”
A sector-based team working specifically on hydrogen energy has been set up at Crédit Agricole CIB at global level. The multi-product team is composed of experts in sustainable banking, infrastructure, power and utilities, oil and gas and M&A. Harnessing its long-standing expertise in wind and solar power and its leadership position in the green, social and sustainability bond market, CACIB will propose bespoke financing and advisory solutions, relying on its global distribution platform.
- Source : Hydrogen Council Scaling Up Report
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