Crédit Agricole to stop financing new coal-fired power stations
In view of the Climate Finance Day conference to be held on November 4 in Casablanca, and of COP22 on November 7-18 in Marrakech, Crédit Agricole has decided to stop financing new coal-fired power stations or extensions to these.
No new loans will be granted beyond the current commitments.
This measure is proof of Crédit Agricole's renewed pledge to support large-scale changes in society, where its customers are working in favour of energy transition and climate change.
This extends the commitments taken in May and September 2015, ahead of COP21, to stop financing coal mines and operators of such businesses across the world, as well as coal-fired power stations in high-income countries.
This announcement broadens Crédit Agricole CIB's undertakings, announced during COP21, to structure €60 billion in new climate-related loans by the end of 2018. €22.5 billion of this undertaking had already been achieved between January 1st and September 30th 2016.