France’s Credit Agricole axes fossil fuels funding

France’s Credit Agricole axes fossil fuels funding: France’s second largest listed banking group Credit Agricole will stop financing new fossil fuel extraction projects and increase its corporate and investment banking entity’s exposure to low-carbon technologies by 80% to reach EUR 13.3 bn by 2025, according to a statement released on Thursday. The lender will publish its exposure to pre-existing fossil fuel projects starting 1Q 2024, and has also committed to pushing down its financed emissions linked to the oil and gas sector by 75% by 2030 compared to its previous 30% target in 2022. Credit Agricole also says it will triple its renewable energy investment by 2030 to EUR 3 bn.

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