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Credit Agricole Adopts Sweeping Climate Change Policy

Date : 13/06/2019 @ 19h45
Source : Dow Jones News

Credit Agricole Adopts Sweeping Climate Change Policy

Credit Agricole (EU:ACA)
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By Dieter Holger

 

Credit Agricole SA (ACA.FR) has adopted a sweeping climate change policy aligned with the Paris Climate Agreement across its loan, investment and asset portfolios to make green finance a driver of growth for the French financier.

The group's new policy has three prongs: corporate governance overseeing its climate strategy, encouraging clients to transition into green energy and realigning loans, investments and assets to further the goals of the Paris agreement of keeping global warming at or below 2 degrees Celcius by the end of the century, Credit Agricole said Thursday.

In 2021, Credit Agricole said it would apply environmental, social and governance investing criteria to all of the actively managed funds and voting decisions of Amundi SA (AMUN.FR), an asset manager in the group. It will also double Amundi's green investment portfolios aimed at the environment and social issues to 20 billion euros ($22.6 billion).

In 2022, another EUR6 billion will go to socially responsible investment loans in the group's liquidity portfolio while the green loan portfolio of its corporate investment bank will double to EUR13 billion.

The group will then phase the coal industry out of all of its portfolios by 2030 for the European Union, 2040 in China and 2050 in the rest of the world. As it works to that goal, it will no longer develop business relations with corporations generating more than 25% of their turnover from thermal coal by 2019, including coal-based mining and production.

When it comes to its clients, the group will implement a scoring system to measure their contribution and ability to achieve a transition to clean energy and fight climate change, the group said. It will apply the scoring system to large companies starting in 2020. As part of the scoring, companies will be asked to provide the group with a detailed plan to pull out of their coal sector and production assets by 2021.

Three new governance bodies will oversee the climate policy, including a Societal Engagement Committee, a Scientific Committee and an independent third body that will audit and certify the group's climate strategy.

 

Write to Dieter Holger at dieter.holger@dowjones.com; @dieterholger

 

(END) Dow Jones Newswires

June 13, 2019 13:30 ET (17:30 GMT)

Copyright (c) 2019 Dow Jones & Company, Inc.
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