Climate: Crédit Mutuel stops financing new gas or oil projects

Posted on Oct 26, 2021 9:58 AMUpdated Oct 26, 2021, 9:59 AM

Crédit Mutuel announced in a press release on Tuesday that it would stop financing new oil and gas projects “now”, after having already started its exit from the coal sector. With a view to contributing to the fight against climate change, the French bank, which has the status of a company with a mission, explains that it also intends to exclude from all financing the customers for whom a significant part of the activity is linked. to the production of unconventional fossil fuels.

To achieve this, the French bank will rely on the “Global Oil & Gas Exit List” of the NGO “Urgewald”. She specifies that in addition to stopping funding, she “undertakes to dialogue with the companies in her portfolio in order to convince them to give up developing new oil and gas fields after a short deadline, under penalty of being excluded from future supports ”.

Commitments made in early 2020

With these announcements, the bank confirms the commitments it made in early 2020. In February of this year, it unveiled measures to reduce its support for fossil fuels. Then in the fall, it decided to reduce by 15% by 2023 (compared to 2018) the CO2 emissions of corporate, insurance and asset management portfolios, as well as to systematize the implementation of an environmental criterion in all its decisions to grant corporate credit.

More recently, with five other banks (BNP Paribas, Groupe BPCE, Crédit Agricole SA, Société Générale and La Banque Postale), it also committed, in a column published in “Les Echos”, to accelerating the financing of renewable energies. And to ensure, from January 2022, to no longer finance companies whose share of unconventional hydrocarbons in exploration and production (shale oil, shale gas and tar sands) is greater than 30% of their activity.

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