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Climate Finance

Crédit Agricole is committed to the transition to a low-carbon economy

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All our climate commitments

 

As the leading lender to the French economy, Crédit Agricole is fully aware of the major role we play in France’s energy transition. Thanks to our forefront positions, industry expertise, financial strength (net banking income of €32.8 billion) and size (150,000 employees), we can provide active and sustained support to help finance this new economy. Crédit Agricole is a major player in energy transition financing. Our strategy is driven by a simple goal: accelerate the transition to a low-carbon economy and protect the environment by integrating eco-responsible criteria into our products and services.

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We are accompanying progress: our role is to accelerate the energy transition and to support, through our expertise, our customers in changing their business models. In order to be efficient, our commitments must be precise and technical.

Philippe Brassac Chief Executive Officer of Crédit Agricole S.A.

 

Read "Banks are driving the green economy", by Philippe Brassac

 

 

 

 

 

A long-standing commitment applied across all business lines

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The 3 ambitious commitments made by the Group at the end of 2018

Two years after the Paris Climate Agreement, Crédit Agricole Group decided to intensify the commitments made in 2015. After committing to offsetting our carbon footprint until 2040, we made 3 long-term commitments at the end of 2018 :

  1. Support all our customers in the transition towards a low-carbon economy, aligned with the 2°C trajectory set out in the Paris Agreement.
  2. Broadly, incorporate environmental, social and governance (ESG) criteria into the financing and investments we proposed in order to ensure the consistency of their economic, social and environmental impact.
  3. Invest and promote financing of large-scale renewable energy projects.

 

 

Climate objectives

Road map unveiled during the COP21 climate conference and broadened in 2017

 

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Businesses that support customer-focused banking and climate finance

Crédit Agricole actively contributes to the emergence of a low-carbon economy by financing the energy transition and supporting its clients in their projects to fight against climate change. Its long-standing commitment with its accession to the UN Global Compact and the Equator Principles since 2003, and the expertise of its teams, has enabled it to become one of the leaders in Climate Finance.

A climate and environment strategy divided in 4 areas

  • Control carbon and environmental footprints
  • Intensify the group’s presence in renewable energies
  • Support our customers towards energy and carbon performance
  • Attract useful and responsible savings

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Some examples of achievements in 2018

Take ESG risk into account in the economic analysis of compagnies' financing files:

  • Systematic evaluation during the financing of large companies at Crédit Agricole CIB.
  • Testing phase in 5 Regional Banks, in the form of questionnaire, in the financing file of ETIs SMEs.

Establish partnerships with the industrial sector and other financial stakeholders to build common financial vehicles:

  • Strengthening Crédit Agricole Assurances’s partnership with Engie to increase their common portfolio of wind energy assets : €350 million invested in renewable energies.
  • Announcement of the creation of the largest green bond fund ($2billion) dedicated to emerging markets by Amundi and International Finance Corporation (IFC), a member of the World Bank.

Revise our sectoral policies, in addition to the general policy of gradual withdrawal from coal-related activities:

  • After the exclusion of financing for new coal-fired power station in 2015, and the worldwide expansion in 2016, a new revision of the “oil and gas” policy excludes financing for the least energy-performing and most environmentally harmful hydrocarbons.

Innovate in all our businesses to protect the environment:

  • Crédit Agricole Immobilier is a stakeholder in the development of BiodiverCity Life, a label to promote the relationship between human beings and the diversity of living things as part of tertiary buildings in operation.
  • Pyramide Vermeil de l’Innovation Industrielle awarded to CA Immobilier for its real estate operation “Le R” in Toulouse, which combines urban agriculture, connected housing and Homdyssé progressive housing. It is the highest national distinction of the profession.

Continue to act in the wake of the Paris Agreement:

  • Amundi and Crédit Agricole CIB founding members of Finance for Tomorrow, launched by Paris Europlace - objective : redirect financial flows to guide the economy towards a low-carbon and inclusive model, in line with the Paris Agreement and the UN Sustainable Development Goals.

A global leadership

Crédit Agricole confirms its ranking as a world leader in green bonds with an inaugural issue of €1 billion to finance its energy transition commitments

This inaugural issue will be used to refinance the green assets booked by Crédit Agricole Regional Banks, Crédit Agricole CIB, LCL and UNIFERGIE in the following sectors: renewable energies, green buildings, energy efficiency, green transport, waste and water management, sustainable farming and forestry management.
 
According to Philippe Brassac, Chief Executive Officer of Crédit Agricole S.A.: “The economy and finance can and should become powerful allies in order to achieve the objective of carbon neutrality by 2050 as set out in France’s Climate Plan. This green bond issuance will enable us to forge ahead with our commitments. The size, nature and granularity of the bond is likely to make it a benchmark operation in the banking landscape.”
 
The proceeds will be used to fund in all our territories energy and ecological transition projects of Crédit Agricole's financing entities: the Crédit Agricole Regional Banks, Crédit Agricole CIB, LCL and UNIFERGIE.
 
Through this first issue Crédit Agricole S.A. confirms his ranking as the energy transition bank and intends to become a regular issuer in the green bond market.

 

Find out more :

Registration Document 2018

Integrated report

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