One of the world’s largest electricity producers, ENGIE, which has a generating capacity of over 100 GW, still generates half of its electricity from fossil fuel plants (1). Moreover, the company is developing new fossil gas projects, despite the International Energy Agency’s projections to decarbonize electricity by 2035 for European and OECD countries, and by 2040 for the rest of the world. Additionally, the French company still lacks a robust transition plan to phase out fossil gas. As they did with coal, French banks have a responsibility to influence the French utility by committing to no longer financing new gas-fired power plants, and by demanding that ENGIE halt its gas expansion strategy.
