At their general meetings in May 2020, French banks and investors took new climate commitments, relating to their coal exit, as well as first measures to restrict their support to shale oil and gas. This is the case to varying degrees for BNP Paribas, Crédit Agricole, Rothschild & Co, Natixis and SCOR. Société Générale on the contrary did not announce any new specific measure on these issues, postponing them to later in the year.
These announcements come just a few weeks before the mid-2020 deadline set by the government and the professional organisations of the Paris financial centre, for all French financial players to have coal exit strategies. They also come at a time when Friends of the Earth France and Reclaim Finance have exposed French banks and investors in a new report for their overexposure to shale oil and gas.
Read the analysis of climate commitments taken in May 2020 by French banks and investors.