Climate protection has been a key commitment for Crédit Agricole CIB for many years, whether by implementing best practices, its pioneer role on sustainable debt products range, or even the protection of conservation areas, and by supporting businesses in their energy transition. Crédit Agricole CIB further toughens its exclusion policies for the most polluting energies. This follows an update in 2020 for the following sectors: mining and metals, coal-fired power plants and transport infrastructure. Crédit Agricole CIB committed through the Crédit Agricole Group, and alongside five other French banks, to stop financing, from January 2022, projects directly related to shale oil, shale gas and oil from tar sands, or companies whose exploration and production of these energies represent more than 30% of their activities. Crédit Agricole CIB committed in 2017 to stop direct financing of oil projects in this region (on-shore and off-shore). These exclusion criteria are now extended to all new gas projects in the region. Furthermore, the exclusion zone is extended to the AMAP zone for the terrestrial Arctic and beyond the Köppen4 line in the marine Arctic.
As a member of the Net Zero Banking Alliance, which Crédit Agricole Group joined in July 2021, Crédit Agricole CIB announces the first milestones of its alignment strategy by publishing its targets in the energy sector. Crédit Agricole CIB will increase its exposure7 to non-carbon energies (production and storage) by 60% by 2025. The focus will be on financing renewable energies, a sector in which the Bank has been active since 1997 and in which it is a recognized market leader. It will also focus on low carbon hydrogen by offering tailor-made financing solutions and advisory services. In the first half of 2022, Crédit Agricole CIB will publish its decarbonization plan for the other sectors in which the carbon footprint is significant such as transport, automobile, infrastructure, construction, and steel. As a pioneer in responsible finance and in financing the climate transition, Crédit Agricole CIB relies on more than 250 experts to support its clients on these topics. The Bank today announces that it will strengthen its organization by expanding its Sustainable Investment Banking team in key geographies and sectors, by creating a Climate & Sustainability Strategy team dedicated to the Bank’s transition and by developing its internal network of Sustainable Finance Coordinators in all business line and support function. As part of this, Tanguy Claquin is appointed Global Head of Sustainability. In his new role, Tanguy reports to Didier Gaffinel, Global Head of Coverage, and Investment Banking. He also joins the Bank’s Management Committee.