top of page

Credit Agricole (CAGR.PA ) stops financing new oil production projects

France's largest retail lender, Credit Agricole (CAGR.PA ) announced on Tuesday, December 6, 2022, that it would stop financing new oil production projects and outlined plans to reduce emissions. This step was taken against the background of increasing pressure from regulators and investors to bring lending in line with global climate goals, including by setting short-term goals.

So far, only a few banks, including the largest British bank Lloyds (LLOY.L) and Dutch lender ING Groep NV (INGA.AS) all over the world stopped lending to the development of new oil fields.

Credit Agricole has also set emission reduction targets for the oil and gas, energy, commercial, automotive and cement sectors. The company said it would reduce its credit risks for oil exploration and production by a quarter by 2025 instead of the previous target of 20%. Earlier in June, the lender said it would reduce emissions from customers in the oil and gas sector by 30% by 2030. The bank said its contribution to the sector amounted to 24.7 billion euros ($25.95 billion) - Reuters

Recent Posts

See All

3 new food container safety standards

The Main State Administration of the People's Republic of China for Market Control and Regulation has introduced 3 new national standards for the safety of food containers in order to strengthen the m

Reduction of agricultural potential

For 20 years, France has moved from 2nd to 5th place among the world's exporters of agricultural products. The September report of the French Senate states a decline in France's agricultural potential

Parranda Beer

In the special economic development zone "Mariel" in Cuba, a new brand of Parranda beer for the local market is presented, it will be produced at a new brewery. The CEO of the joint Cuban-Dutch enterp


bottom of page