Credit Agricole to cut financing of oil and gas emissions [Reuters]
CREDIT AGRICOLE UNSP/ADR (CRARY)
NASDAQ:AMEX Investor Relations:
credit-agricole.com/en/finance/finance
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Source: Reuters
NGO calls for bank to stop funding new oil projects LONDON, June 22 (Reuters) - French lender Credit Agricole (CAGR.PA) on Wednesday set out targets to cut its exposure to the financing of emissions from the oil and gas sector and boost renewable energy lending. The move comes as the sector faces growing regulatory and investor pressure to align lending with the world's climate goal, aiming to cap global warming at 1.5 degrees Celsius above the pre-industrial average by mid-century. In a strategy update, Credit Agricole, the country's second-biggest listed lender, said it expected emissions linked to its loans to the oil and gas sector to fall 30% by 2030, while those connected with lending to the autos sector would fall by half. By the end of 2022, the bank said it would publish decarbonisation pathways for other energy-intensive sectors including steel, cement, power, commercial real estate and shipping. Those for agriculture, aviation and residential would follow in 2023
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