{"id":4774,"date":"2020-07-01T19:01:35","date_gmt":"2020-07-01T17:01:35","guid":{"rendered":"https:\/\/reclaimfinance.org\/site\/?p=4774"},"modified":"2023-03-03T16:02:29","modified_gmt":"2023-03-03T15:02:29","slug":"societe-generale-still-has-not-found-the-way-out-of-coal","status":"publish","type":"post","link":"https:\/\/reclaimfinance.org\/site\/en\/2020\/07\/01\/societe-generale-still-has-not-found-the-way-out-of-coal\/","title":{"rendered":"Soci\u00e9t\u00e9 G\u00e9n\u00e9rale still has not found the way out of coal"},"content":{"rendered":"

After many delays, Soci\u00e9t\u00e9 G\u00e9n\u00e9rale intends to clarify how it plans to reach its goal to \u201cfully exit coal power generation by 2030 for companies owning assets in the EU or the OECD and by 2040 for the rest of the world\u201d. Unfortunately, the elements it just published are largely insufficient to make a robust coal exit strategy.<\/span> <\/strong><\/p>\n

Despite its policy update<\/u><\/a>, Soci\u00e9t\u00e9 G\u00e9n\u00e9rale will keep on supporting companies that are planning new coal projects<\/strong>[1]<\/a><\/span>.<\/span> If it will do so by financing \u201cgreen\u201d projects, the transition mainly relies on pushing corporations to decarbonize their activities and not on financing \u201cgreen\u201d: financing an enterprise that develop both coal projects and renewable energies will always increase carbon emissions. Logically, any serious coal exit commitment cannot allow for new projects to be financed.<\/span><\/p>\n

Soci\u00e9t\u00e9 G\u00e9n\u00e9rale indicates that it will no longer provide \u201cproducts and services, except for the ones that are exclusively dedicated to the energy transition, to companies that realize more than 25% of their revenues from coal and that do not have a credible strategy to exit coal.\u201d This commitment raises several issues:<\/p>\n