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

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