Credit Agricole refuses to finance fossil fuel projects.

The major European banking group Crédit agricole has announced that it will stop financing new fossil fuel projects from today. In addition, the bank aims to reduce CO2 emissions associated with financed projects in the oil and gas sectors by 75% by 2030.

The bank's CEO Philippe Brassac said, "We have decided to stop financing new fossil fuel projects and have chosen a strategy of selectively supporting energy companies as part of this transition." It also noted that this would cut greenhouse gas emissions from the sector twice as fast as the Net Zero 2050 scenario published by the International Energy Agency.

The details of the bank's commitments include "reducing financed emissions by 75% in the oil and gas sector by 2030 (compared to 2020), instead of the stated -30% by 2022." In December, it was already announced that it would stop financing new oil projects, and some of the bank's climate targets were unveiled.

The Crédit agricole is also pledging to soon reduce funding for renewable energy projects and increase support for energy-efficient technologies and innovation. These steps will aim to actively engage the bank in the fight against climate change and achieve COP28 targets.