Crédit Agricole to Cut Financing of Oil and Gas Sector

Crédit Agricole 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.

Simon Jessop, Reuters

French lender Crédit Agricole Group on June 22 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 C above the pre-industrial average by mid-century.

In a strategy update, Crédit 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.

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