{"id":5190,"date":"2020-07-31T15:05:23","date_gmt":"2020-07-31T13:05:23","guid":{"rendered":"https:\/\/reclaimfinance.org\/site\/?p=5190"},"modified":"2023-04-20T17:44:56","modified_gmt":"2023-04-20T15:44:56","slug":"societe-generale-releases-a-misleading-coal-phase-out-policy","status":"publish","type":"post","link":"https:\/\/reclaimfinance.org\/site\/en\/2020\/07\/31\/societe-generale-releases-a-misleading-coal-phase-out-policy\/","title":{"rendered":"Soci\u00e9t\u00e9 G\u00e9n\u00e9rale releases a misleading coal phase out policy"},"content":{"rendered":"<div class=\"fusion-fullwidth fullwidth-box fusion-builder-row-1 nonhundred-percent-fullwidth non-hundred-percent-height-scrolling\" style=\"--awb-border-radius-top-left:0px;--awb-border-radius-top-right:0px;--awb-border-radius-bottom-right:0px;--awb-border-radius-bottom-left:0px;--awb-flex-wrap:wrap;\" ><div class=\"fusion-builder-row fusion-row\"><div class=\"fusion-layout-column fusion_builder_column fusion-builder-column-0 fusion_builder_column_1_1 1_1 fusion-one-full fusion-column-first fusion-column-last\" style=\"--awb-bg-size:cover;--awb-margin-bottom:0px;\"><div class=\"fusion-column-wrapper fusion-flex-column-wrapper-legacy\"><div class=\"fusion-text fusion-text-1\"><p style=\"text-align: justify; color: #8ac56b;\"><b>Erratum published on July 31, 6:00 pm, after receipt of details sent by Soci\u00e9t\u00e9 G\u00e9n\u00e9rale to Reclaim Finance. <\/b><\/p>\n<ul>\n<li style=\"text-align: justify;\"><b>Concerning mining companies, Societe Generale has specified that while only entities \u00ab\u00a0operating or directly owning\u00a0\u00bb coal mines and meeting the exclusion criteria will be excluded from 2020, groups as a whole will be excluded if they have not adopted a transition plan by the end of 2021 that is consistent with the objectives of exiting coal by 2030\/2040.<\/b><\/li>\n<li style=\"text-align: justify;\"><b style=\"font-family: var(--body_typography-font-family); font-size: var(--body_typography-font-size); font-style: var(--body_typography-font-style,normal); letter-spacing: var(--body_typography-letter-spacing);\">Thus, while only Glencore subsidiaries operating or owning coal mines would be excluded in 2020, the whole group could be excluded if Glencore does not adopt a transition plan consistent with the objectives of coal exit by 2030\/2040. The 2020 measures will have little or no impact on Glencore but will have an impact in 2021 if Glencore does not make the necessary shift in its coal operations.<\/b><\/li>\n<\/ul>\n<p style=\"text-align: justify; color: #8ac56b;\"><b>For Lucie Pinson, founder and CEO of Reclaim Finance :<\/b><\/p>\n<blockquote style=\"text-align: justify;\">\n<p><span style=\"color: #8ac56b;\"><b>\u00ab\u00a0Societe Generale&rsquo;s clarification on the application of the policy to mining companies and more broadly to all groups exposed to the coal sector is very positive. Reclaim Finance will closely monitor the financial flows of Societe Generale and other French banks to the coal sector to ensure that they are effectively preventing its expansion and supporting its exit. As far as Societe Generale is concerned, two warnings are better than one: gas has no place in companies&rsquo; transition plans and the bank should only allow financing dedicated to truly green projects for coal companies excluded from general financial services\u00a0\u00bb.<\/b><\/span><\/p>\n<\/blockquote>\n<p><b style=\"text-align: justify; color: var(--body_typography-color); font-family: var(--body_typography-font-family); font-size: var(--body_typography-font-size); font-style: var(--body_typography-font-style,normal); letter-spacing: var(--body_typography-letter-spacing);\"><span data-contrast=\"auto\">Soci\u00e9t\u00e9 G\u00e9n\u00e9rale has just published the measures they plan to take to exit the coal sector by 2030 in EU and OECD nations and 2040 for the rest of the world<\/span><span data-contrast=\"auto\">; t<\/span><span data-contrast=\"auto\">his follows the<\/span><span data-contrast=\"auto\">ir<\/span><span data-contrast=\"auto\"> announcement of <\/span><span data-contrast=\"auto\">a<\/span><span data-contrast=\"auto\"> new coal policy in early July<\/span><span data-contrast=\"auto\">, which is not aligned with a viable climate trajectory (1). These measures do not cover the financing subsidiaries of corporations active in the coal sector. Thus, Soci\u00e9t\u00e9 G\u00e9n\u00e9rale will continue financing some of the <\/span><span data-contrast=\"auto\">world\u2019s<\/span><span data-contrast=\"auto\"> biggest coal producers.<\/span><\/b><\/p>\n<p style=\"text-align: justify;\"><span data-contrast=\"auto\">Reclaim Finance has also <\/span><span data-contrast=\"auto\">identified<\/span><span data-contrast=\"auto\"> a rollover risk on gas financing. <\/span><span data-contrast=\"auto\">F<\/span><span data-contrast=\"auto\">urther analysis of how financial flows to the coal sector evolves is needed to understand how Soci\u00e9t\u00e9 General applies its policy. <\/span><span data-contrast=\"auto\">In any case, this policy does not <\/span><span data-contrast=\"auto\">genuinely address the <\/span><span data-contrast=\"auto\">urgency of the climate catastrophe.<\/span><\/p>\n<blockquote>\n<p style=\"text-align: justify;\"><i><span data-contrast=\"auto\">\u201c<\/span><\/i><i><span data-contrast=\"auto\">One would have hoped that their policy would be at the level of the Paris financial <\/span><\/i><i><span data-contrast=\"auto\">centre\u2019s<\/span><\/i><i><span data-contrast=\"auto\"> best practices and meet the commitment they made one year ago to support a coal sector exit effectively (2). Regrettably, Soci\u00e9t\u00e9 <\/span><\/i><i><span data-contrast=\"auto\">G\u00e9n\u00e9rale\u2019s<\/span><\/i><i><span data-contrast=\"auto\"> policy is merely a sham intending to mislead those who <\/span><\/i><i><span data-contrast=\"auto\">do not<\/span><\/i><i><span data-contrast=\"auto\"> read the<\/span><\/i><i> <\/i><i><span data-contrast=\"auto\">fine print<\/span><\/i><i><span data-contrast=\"auto\">\u201d <\/span><\/i><span data-contrast=\"auto\">commented Luc<\/span><span data-contrast=\"auto\">ie Pinso<\/span><span data-contrast=\"auto\">n, founder and executive director of Reclaim Finance.<\/span><\/p>\n<\/blockquote>\n<p style=\"text-align: justify;\"><span data-contrast=\"auto\">The measures adopted appear to <\/span><span data-contrast=\"auto\">meet<\/span><span data-contrast=\"auto\"> the <\/span><span data-contrast=\"auto\">principle<\/span><span data-contrast=\"auto\"> criteria recommended by Reclaim Finance and its partners (<\/span><span data-contrast=\"auto\">3<\/span><span data-contrast=\"auto\">). <\/span><span data-contrast=\"auto\">Soci\u00e9t\u00e9 G\u00e9n\u00e9rale has committed to no longer finance (<\/span><span data-contrast=\"auto\">4<\/span><span data-contrast=\"auto\">):<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: var(--body_typography-color); font-family: var(--body_typography-font-family); font-size: var(--body_typography-font-size); font-style: var(--body_typography-font-style,normal); font-weight: var(--body_typography-font-weight); letter-spacing: var(--body_typography-letter-spacing);\">1. Starting now:<\/span><\/p>\n<ul>\n<li style=\"list-style-type: none;\">\n<ul>\n<li style=\"text-align: justify;\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"2\" aria-setsize=\"-1\" data-aria-posinset=\"2\" data-aria-level=\"2\"><span data-contrast=\"auto\">Corporation<\/span><span data-contrast=\"auto\">s<\/span><span data-contrast=\"auto\"> deriving more than 25% of their earnings from coal (<\/span><span data-contrast=\"auto\">5<\/span><span data-contrast=\"auto\">) that do not have a coal <\/span><span data-contrast=\"auto\">phase-out<\/span><span data-contrast=\"auto\"> strategy aligned with the 2030\/2040 <\/span><span data-contrast=\"auto\">timeline;<\/span><\/li>\n<li style=\"text-align: justify;\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"2\" aria-setsize=\"-1\" data-aria-posinset=\"3\" data-aria-level=\"2\"><span data-contrast=\"auto\">Mining companies<\/span><span data-contrast=\"auto\"> \u00ab\u00a0directly operating or owning\u00a0\u00bb coal mines and which develop new projects, produce more than 10 million tonnes of coal per year or derive more than 20% of their revenues from coal production, or which do not have a transition plan consistent with coal exit targets by 2030\/2040.<\/span><\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p style=\"text-align: justify;\"><span data-ccp-props=\"{'335551550':6,'335551620':6}\">2. Starting in late 2021, other companies developing new coal-fuelled power plants or that do not have a coal phase-out strategy aligned with the 2030\/2040 timeline starting late 2021 (6). <\/span><\/p>\n<p style=\"text-align: justify;\"><span data-contrast=\"none\">Corporations such as RWE should<\/span><span data-contrast=\"none\">, logically, <\/span><span data-contrast=\"none\">be excluded effective immediately: RWE has direct ownership of coal mines and meets all the aforementioned criteria. <\/span><\/p>\n<p style=\"text-align: justify;\"><span data-contrast=\"none\">However, the policy does not <\/span><span data-contrast=\"none\">apply to<\/span> <span data-contrast=\"none\">mining behemoth Glencore. In 2019, Glencore mined over 140 million tons of coal, making it one of the worlds <\/span><span data-contrast=\"none\">ten<\/span><span data-contrast=\"none\"> largest coal producers. How?<\/span><\/p>\n<ul>\n<li style=\"text-align: justify;\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"3\" aria-setsize=\"-1\" data-aria-posinset=\"1\" data-aria-level=\"1\"><span data-contrast=\"none\">Glencore has multiple subsidiaries dedicated to producing and trading coal, such as Prodeco (Colombia), Bulga Coal (Australia), and Mount Owen (Australia), all of which are well above Soci\u00e9t\u00e9 <\/span><span data-contrast=\"none\">G\u00e9n\u00e9rale\u2019s<\/span><span data-contrast=\"none\"> exclusion threshold.<\/span><\/li>\n<li style=\"text-align: justify;\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"3\" aria-setsize=\"-1\" data-aria-posinset=\"2\" data-aria-level=\"1\"><span data-contrast=\"none\">The majority of their financing comes from their parent company, Glencore PLC, though Glencore has several financing subsidiaries, notably Glencore Finance Ltd., Glencore Finance SA, and Glencore Funding LLC (7).<\/span><\/li>\n<li style=\"text-align: justify;\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"3\" aria-setsize=\"-1\" data-aria-posinset=\"3\" data-aria-level=\"1\"><span data-contrast=\"none\">Upon a close read, however, we see that<\/span> <span data-contrast=\"none\">Soci\u00e9t\u00e9<\/span> <span data-contrast=\"none\">G\u00e9n\u00e9rale\u2019s<\/span> <span data-contrast=\"none\">exclusion <\/span><span data-contrast=\"none\">policy <\/span><span data-contrast=\"none\">only applies to <\/span><span data-contrast=\"none\">mining companies <\/span><span data-contrast=\"none\">\u201c<\/span><span data-contrast=\"none\">directly operating or owning<\/span><span data-contrast=\"none\">\u201d<\/span><span data-contrast=\"none\"> coal mines. <\/span><\/li>\n<li style=\"text-align: justify;\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"3\" aria-setsize=\"-1\" data-aria-posinset=\"4\" data-aria-level=\"1\"><span data-contrast=\"none\">Therefore, Soci\u00e9t\u00e9 G\u00e9n\u00e9rale can continue financing <\/span><span data-contrast=\"none\">the Glencore Finance Group or <\/span><span data-contrast=\"none\">Glencore\u2019s<\/span><span data-contrast=\"none\"> financing<\/span><span data-contrast=\"none\">, which in turn<\/span> <span data-contrast=\"none\">fund<\/span> <span data-contrast=\"none\">their coal production facilities.<\/span><\/li>\n<\/ul>\n<blockquote>\n<p style=\"text-align: justify;\"><i><span data-contrast=\"none\">\u201cBNP Paribas may have been afforded the benefit of the doubt (8); the same does not go for Soci\u00e9t\u00e9 G\u00e9n\u00e9rale. While BNP Paribas\u2019 policy should <\/span><\/i><i><span data-contrast=\"none\">result in <\/span><\/i><i><span data-contrast=\"none\">an end to<\/span><\/i><i><span data-contrast=\"none\"> financing entities funding Glencore\u2019s coal subsidiaries; Soci\u00e9t\u00e9 G\u00e9n\u00e9rale\u2019s policy clearly does not. Soci\u00e9t\u00e9 G\u00e9n\u00e9rale will <\/span><\/i><i><span data-contrast=\"none\">continue financing a group whose coal production is <\/span><\/i><i><span data-contrast=\"none\">fuelling<\/span><\/i><i><span data-contrast=\"none\"> the climate <\/span><\/i><i><span data-contrast=\"none\">catastrophe<\/span><\/i><i><span data-contrast=\"none\"> and is linked to egregious human rights violations,\u201d <\/span><\/i><span data-contrast=\"none\">explains Lucie Pinson. <\/span><\/p>\n<\/blockquote>\n<p style=\"text-align: justify;\"><span data-contrast=\"none\">Furthermore, apart from those developing new projects beyond the end of 2021, corporations excluded from general financing will still be eligible for \u201c<\/span><span data-contrast=\"none\">financing Products and services<\/span> <span data-contrast=\"none\">dedicated to the energy transition<\/span><span data-contrast=\"none\">.\u201d This wording allows for the <\/span><span data-contrast=\"none\">funding<\/span><span data-contrast=\"none\"> of projects replacing coal with gas and L<\/span><span data-contrast=\"none\">iquefied <\/span><span data-contrast=\"none\">N<\/span><span data-contrast=\"none\">atural <\/span><span data-contrast=\"none\">G<\/span><span data-contrast=\"none\">as<\/span><span data-contrast=\"none\"> projects, which Soci\u00e9t\u00e9 General <\/span><span data-contrast=\"none\">often<\/span><span data-contrast=\"none\"> put forth as \u201ctransition energies.\u201d Soci\u00e9t\u00e9 G\u00e9n\u00e9rale is one of the world\u2019s largest funders of gas and <\/span><span data-contrast=\"none\">Liquefied Natural Gas<\/span><span data-contrast=\"none\">.<\/span><\/p>\n<blockquote>\n<p style=\"text-align: justify;\"><i style=\"color: var(--body_typography-color); font-family: var(--body_typography-font-family); font-size: var(--body_typography-font-size); font-weight: var(--body_typography-font-weight); letter-spacing: var(--body_typography-letter-spacing);\"><span data-contrast=\"none\">\u201cReplacing thermal coal plants with thermal gas projects goes against climate objectives. Gas, a fossil energy, has no place in companies\u2019 transition plans. We <\/span><\/i><span style=\"color: var(--body_typography-color); font-family: var(--body_typography-font-family); font-size: var(--body_typography-font-size); font-weight: var(--body_typography-font-weight); letter-spacing: var(--body_typography-letter-spacing); font-style: italic;\">call <\/span><i style=\"color: var(--body_typography-color); font-family: var(--body_typography-font-family); font-size: var(--body_typography-font-size); font-weight: var(--body_typography-font-weight); letter-spacing: var(--body_typography-letter-spacing);\"><span data-contrast=\"none\">on <\/span><\/i><span style=\"color: var(--body_typography-color); font-family: var(--body_typography-font-family); font-size: var(--body_typography-font-size); font-weight: var(--body_typography-font-weight); letter-spacing: var(--body_typography-letter-spacing); font-style: italic;\">Soci\u00e9t\u00e9 <\/span><i style=\"color: var(--body_typography-color); font-family: var(--body_typography-font-family); font-size: var(--body_typography-font-size); font-weight: var(--body_typography-font-weight); letter-spacing: var(--body_typography-letter-spacing);\"><span data-contrast=\"none\">G\u00e9n\u00e9rale to require its clients transition to renewable and efficient energies,\u201d <\/span><\/i><span style=\"color: var(--body_typography-color); font-family: var(--body_typography-font-family); font-size: var(--body_typography-font-size); font-style: var(--body_typography-font-style,normal); font-weight: var(--body_typography-font-weight); letter-spacing: var(--body_typography-letter-spacing);\" data-contrast=\"none\">continues Lucie Pinson.<\/span><\/p>\n<\/blockquote>\n<p style=\"text-align: justify;\"><span data-contrast=\"none\">Several concerns <\/span><span data-contrast=\"none\">remain<\/span><span data-contrast=\"none\">. The policy states that only majority shareholders are considered when excluding coal developers. If a corporation <\/span><span data-contrast=\"none\">taking part<\/span><span data-contrast=\"none\"> in the construction of a thermal coal plant is a minority shareholder, <\/span><span data-contrast=\"none\">it<\/span><span data-contrast=\"none\"> will still be eligible for financing. Thus, several developers in Asia may be overlooked.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: var(--body_typography-color); font-family: var(--body_typography-font-family); font-size: var(--body_typography-font-size); font-style: var(--body_typography-font-style,normal); letter-spacing: var(--body_typography-letter-spacing);\" data-contrast=\"none\"><b>Notes: <\/b><\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: var(--body_typography-color); font-family: var(--body_typography-font-family); font-size: var(--body_typography-font-size); font-style: var(--body_typography-font-style,normal); font-weight: var(--body_typography-font-weight); letter-spacing: var(--body_typography-letter-spacing);\" data-contrast=\"none\">1. See <\/span><span style=\"font-family: var(--body_typography-font-family); font-size: var(--body_typography-font-size); font-style: var(--body_typography-font-style,normal); font-weight: var(--body_typography-font-weight); letter-spacing: var(--body_typography-letter-spacing);\" data-contrast=\"none\"><u><a href=\"https:\/\/www.societegenerale.com\/sites\/default\/files\/documents\/Document%20RSE\/politiques_sectorielles\/thermal-coal-sector-policy.pdf\" target=\"_blank\" rel=\"noopener noreferrer\">Soci\u00e9t\u00e9 G\u00e9n\u00e9rale\u2019s policy<\/a><\/u><\/span><span style=\"color: var(--body_typography-color); font-family: var(--body_typography-font-family); font-size: var(--body_typography-font-size); font-style: var(--body_typography-font-style,normal); font-weight: var(--body_typography-font-weight); letter-spacing: var(--body_typography-letter-spacing);\" data-contrast=\"none\"> and their <\/span><u><a href=\"https:\/\/reclaimfinance.org\/site\/en\/2020\/07\/01\/societe-generale-still-has-not-found-the-way-out-of-coal\/\"><span style=\"font-family: var(--body_typography-font-family); font-size: var(--body_typography-font-size); font-style: var(--body_typography-font-style,normal); font-weight: var(--body_typography-font-weight); letter-spacing: var(--body_typography-letter-spacing);\" data-contrast=\"none\">early-July announcement<\/span><span style=\"color: var(--body_typography-color); font-family: var(--body_typography-font-family); font-size: var(--body_typography-font-size); font-style: var(--body_typography-font-style,normal); font-weight: var(--body_typography-font-weight); letter-spacing: var(--body_typography-letter-spacing);\" data-contrast=\"none\">.<\/span><\/a><\/u><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: var(--body_typography-color); font-family: var(--body_typography-font-family); font-size: var(--body_typography-font-size); font-style: var(--body_typography-font-style,normal); font-weight: var(--body_typography-font-weight); letter-spacing: var(--body_typography-letter-spacing);\" data-contrast=\"none\">2. See the <\/span><u><a href=\"https:\/\/financefortomorrow.com\/en\/actualites\/declaration-of-place-a-new-step-for-green-and-sustainable-finance\/\"><span style=\"font-family: var(--body_typography-font-family); font-size: var(--body_typography-font-size); font-style: var(--body_typography-font-style,normal); font-weight: var(--body_typography-font-weight); letter-spacing: var(--body_typography-letter-spacing);\" data-contrast=\"none\">Paris <\/span><span style=\"font-family: var(--body_typography-font-family); font-size: var(--body_typography-font-size); font-style: var(--body_typography-font-style,normal); font-weight: var(--body_typography-font-weight); letter-spacing: var(--body_typography-letter-spacing);\" data-contrast=\"none\">F<\/span><span style=\"font-family: var(--body_typography-font-family); font-size: var(--body_typography-font-size); font-style: var(--body_typography-font-style,normal); font-weight: var(--body_typography-font-weight); letter-spacing: var(--body_typography-letter-spacing);\" data-contrast=\"none\">inancial <\/span><span style=\"font-family: var(--body_typography-font-family); font-size: var(--body_typography-font-size); font-style: var(--body_typography-font-style,normal); font-weight: var(--body_typography-font-weight); letter-spacing: var(--body_typography-letter-spacing);\" data-contrast=\"none\">C<\/span><span style=\"font-family: var(--body_typography-font-family); font-size: var(--body_typography-font-size); font-style: var(--body_typography-font-style,normal); font-weight: var(--body_typography-font-weight); letter-spacing: var(--body_typography-letter-spacing);\" data-contrast=\"none\">entre\u2019s ple<\/span><span style=\"font-family: var(--body_typography-font-family); font-size: var(--body_typography-font-size); font-style: var(--body_typography-font-style,normal); font-weight: var(--body_typography-font-weight); letter-spacing: var(--body_typography-letter-spacing);\" data-contrast=\"none\">dge<\/span><span style=\"color: var(--body_typography-color); font-family: var(--body_typography-font-family); font-size: var(--body_typography-font-size); font-style: var(--body_typography-font-style,normal); font-weight: var(--body_typography-font-weight); letter-spacing: var(--body_typography-letter-spacing);\" data-contrast=\"none\">.<\/span> <\/a><\/u><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: var(--body_typography-color); font-family: var(--body_typography-font-family); font-size: var(--body_typography-font-size); font-style: var(--body_typography-font-style,normal); font-weight: var(--body_typography-font-weight); letter-spacing: var(--body_typography-letter-spacing);\" data-contrast=\"none\">3. See <\/span><a href=\"https:\/\/reclaimfinance.org\/site\/en\/the-coal-policy-tool-the-rationale-behind-each-of-the-5-criteria-2\/\"><span style=\"font-family: var(--body_typography-font-family); font-size: var(--body_typography-font-size); font-style: var(--body_typography-font-style,normal); font-weight: var(--body_typography-font-weight); letter-spacing: var(--body_typography-letter-spacing);\" data-contrast=\"none\"><u>Reclaim Finance\u2019s demands on Coal<\/u><\/span><u> <\/u><\/a><span style=\"color: var(--body_typography-color); font-family: var(--body_typography-font-family); font-size: var(--body_typography-font-size); font-style: var(--body_typography-font-style,normal); font-weight: var(--body_typography-font-weight); letter-spacing: var(--body_typography-letter-spacing);\" data-contrast=\"none\">and the <\/span><span style=\"font-family: var(--body_typography-font-family); font-size: var(--body_typography-font-size); font-style: var(--body_typography-font-style,normal); font-weight: var(--body_typography-font-weight); letter-spacing: var(--body_typography-letter-spacing);\" data-contrast=\"none\"><u><a href=\"https:\/\/reclaimfinance.org\/site\/en\/coal_policy_tool\/\" target=\"_blank\" rel=\"noopener noreferrer\">Coal Policy Tool<\/a><\/u><\/span><span style=\"color: var(--body_typography-color); font-family: var(--body_typography-font-family); font-size: var(--body_typography-font-size); font-style: var(--body_typography-font-style,normal); font-weight: var(--body_typography-font-weight); letter-spacing: var(--body_typography-letter-spacing);\" data-contrast=\"none\">.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: var(--body_typography-color); font-family: var(--body_typography-font-family); font-size: var(--body_typography-font-size); font-style: var(--body_typography-font-style,normal); font-weight: var(--body_typography-font-weight); letter-spacing: var(--body_typography-letter-spacing);\" data-contrast=\"none\">4. \u201c<\/span><span style=\"color: var(--body_typography-color); font-family: var(--body_typography-font-family); font-size: var(--body_typography-font-size); font-style: var(--body_typography-font-style,normal); font-weight: var(--body_typography-font-weight); letter-spacing: var(--body_typography-letter-spacing);\" data-contrast=\"none\">Soci\u00e9t\u00e9 G\u00e9n\u00e9rale <\/span><span style=\"color: var(--body_typography-color); font-family: var(--body_typography-font-family); font-size: var(--body_typography-font-size); font-style: var(--body_typography-font-style,normal); font-weight: var(--body_typography-font-weight); letter-spacing: var(--body_typography-letter-spacing);\" data-contrast=\"none\">entities managing assets for their own account or on behalf of third-parties exclude from their universe of investment the Companies<\/span><span style=\"color: var(--body_typography-color); font-family: var(--body_typography-font-family); font-size: var(--body_typography-font-size); font-style: var(--body_typography-font-style,normal); font-weight: var(--body_typography-font-weight); letter-spacing: var(--body_typography-letter-spacing);\" data-contrast=\"none\">: <\/span><span style=\"color: var(--body_typography-color); font-family: var(--body_typography-font-family); font-size: var(--body_typography-font-size); font-style: var(--body_typography-font-style,normal); font-weight: var(--body_typography-font-weight); letter-spacing: var(--body_typography-letter-spacing);\" data-contrast=\"none\">which revenue is<\/span> <span style=\"color: var(--body_typography-color); font-family: var(--body_typography-font-family); font-size: var(--body_typography-font-size); font-style: var(--body_typography-font-style,normal); font-weight: var(--body_typography-font-weight); letter-spacing: var(--body_typography-letter-spacing);\" data-contrast=\"none\">more than 10% linked to Thermal coal mining;<\/span> <span style=\"color: var(--body_typography-color); font-family: var(--body_typography-font-family); font-size: var(--body_typography-font-size); font-style: var(--body_typography-font-style,normal); font-weight: var(--body_typography-font-weight); letter-spacing: var(--body_typography-letter-spacing);\" data-contrast=\"none\">which are in the energy sector and have more than 30% of their<\/span> <span style=\"color: var(--body_typography-color); font-family: var(--body_typography-font-family); font-size: var(--body_typography-font-size); font-style: var(--body_typography-font-style,normal); font-weight: var(--body_typography-font-weight); letter-spacing: var(--body_typography-letter-spacing);\" data-contrast=\"none\">power<\/span> <span style=\"color: var(--body_typography-color); font-family: var(--body_typography-font-family); font-size: var(--body_typography-font-size); font-style: var(--body_typography-font-style,normal); font-weight: var(--body_typography-font-weight); letter-spacing: var(--body_typography-letter-spacing);\" data-contrast=\"none\">production<\/span> <span style=\"color: var(--body_typography-color); font-family: var(--body_typography-font-family); font-size: var(--body_typography-font-size); font-style: var(--body_typography-font-style,normal); font-weight: var(--body_typography-font-weight); letter-spacing: var(--body_typography-letter-spacing);\" data-contrast=\"none\">generated<\/span> <span style=\"color: var(--body_typography-color); font-family: var(--body_typography-font-family); font-size: var(--body_typography-font-size); font-style: var(--body_typography-font-style,normal); font-weight: var(--body_typography-font-weight); letter-spacing: var(--body_typography-letter-spacing);\" data-contrast=\"none\">from<\/span> <span style=\"color: var(--body_typography-color); font-family: var(--body_typography-font-family); font-size: var(--body_typography-font-size); font-style: var(--body_typography-font-style,normal); font-weight: var(--body_typography-font-weight); letter-spacing: var(--body_typography-letter-spacing);\" data-contrast=\"none\">Thermal coal<\/span><span style=\"color: var(--body_typography-color); font-family: var(--body_typography-font-family); font-size: var(--body_typography-font-size); font-style: var(--body_typography-font-style,normal); font-weight: var(--body_typography-font-weight); letter-spacing: var(--body_typography-letter-spacing);\" data-contrast=\"none\">; <\/span><span style=\"color: var(--body_typography-color); font-family: var(--body_typography-font-family); font-size: var(--body_typography-font-size); font-style: var(--body_typography-font-style,normal); font-weight: var(--body_typography-font-weight); letter-spacing: var(--body_typography-letter-spacing);\" data-contrast=\"none\">which are Thermal Coal Developing Companies<\/span><span style=\"color: var(--body_typography-color); font-family: var(--body_typography-font-family); font-size: var(--body_typography-font-size); font-style: var(--body_typography-font-style,normal); font-weight: var(--body_typography-font-weight); letter-spacing: var(--body_typography-letter-spacing);\" data-contrast=\"none\">.\u201d <\/span><span style=\"color: var(--body_typography-color); font-family: var(--body_typography-font-family); font-size: var(--body_typography-font-size); font-style: var(--body_typography-font-style,normal); font-weight: var(--body_typography-font-weight); letter-spacing: var(--body_typography-letter-spacing);\" data-contrast=\"none\">Soci\u00e9t\u00e9 G\u00e9n\u00e9rale did not pledge to apply their policy to passive management<\/span><span style=\"color: var(--body_typography-color); font-family: var(--body_typography-font-family); font-size: var(--body_typography-font-size); font-style: var(--body_typography-font-style,normal); font-weight: var(--body_typography-font-weight); letter-spacing: var(--body_typography-letter-spacing);\" data-contrast=\"none\">, which <\/span><span style=\"color: var(--body_typography-color); font-family: var(--body_typography-font-family); font-size: var(--body_typography-font-size); font-style: var(--body_typography-font-style,normal); font-weight: var(--body_typography-font-weight); letter-spacing: var(--body_typography-letter-spacing);\" data-contrast=\"none\">makes up<\/span><span style=\"color: var(--body_typography-color); font-family: var(--body_typography-font-family); font-size: var(--body_typography-font-size); font-style: var(--body_typography-font-style,normal); font-weight: var(--body_typography-font-weight); letter-spacing: var(--body_typography-letter-spacing);\" data-contrast=\"none\"> 40% of managed assets.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: var(--body_typography-color); font-family: var(--body_typography-font-family); font-size: var(--body_typography-font-size); font-style: var(--body_typography-font-style,normal); font-weight: var(--body_typography-font-weight); letter-spacing: var(--body_typography-letter-spacing);\" data-contrast=\"none\">5. Proportion of earnings derived from coal is not a relevant metric for energy<\/span><span style=\"color: var(--body_typography-color); font-family: var(--body_typography-font-family); font-size: var(--body_typography-font-size); font-style: var(--body_typography-font-style,normal); font-weight: var(--body_typography-font-weight); letter-spacing: var(--body_typography-letter-spacing);\" data-contrast=\"none\"> producers. Rather, the proportion of coal in their energy mix should be used.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: var(--body_typography-color); font-family: var(--body_typography-font-family); font-size: var(--body_typography-font-size); font-style: var(--body_typography-font-style,normal); font-weight: var(--body_typography-font-weight); letter-spacing: var(--body_typography-letter-spacing);\" data-contrast=\"none\">6. The policy does not <\/span><span style=\"color: var(--body_typography-color); font-family: var(--body_typography-font-family); font-size: var(--body_typography-font-size); font-style: var(--body_typography-font-style,normal); font-weight: var(--body_typography-font-weight); letter-spacing: var(--body_typography-letter-spacing);\" data-contrast=\"none\">clearly establish expectations regarding <\/span><span style=\"color: var(--body_typography-color); font-family: var(--body_typography-font-family); font-size: var(--body_typography-font-size); font-style: var(--body_typography-font-style,normal); font-weight: var(--body_typography-font-weight); letter-spacing: var(--body_typography-letter-spacing);\" data-contrast=\"none\">a <\/span><span style=\"color: var(--body_typography-color); font-family: var(--body_typography-font-family); font-size: var(--body_typography-font-size); font-style: var(--body_typography-font-style,normal); font-weight: var(--body_typography-font-weight); letter-spacing: var(--body_typography-letter-spacing);\" data-contrast=\"none\">2030\/2040 aligned <\/span><span style=\"color: var(--body_typography-color); font-family: var(--body_typography-font-family); font-size: var(--body_typography-font-size); font-style: var(--body_typography-font-style,normal); font-weight: var(--body_typography-font-weight); letter-spacing: var(--body_typography-letter-spacing);\" data-contrast=\"none\">coal phase-out<\/span><span style=\"color: var(--body_typography-color); font-family: var(--body_typography-font-family); font-size: var(--body_typography-font-size); font-style: var(--body_typography-font-style,normal); font-weight: var(--body_typography-font-weight); letter-spacing: var(--body_typography-letter-spacing);\" data-contrast=\"none\">, but <\/span><span style=\"color: var(--body_typography-color); font-family: var(--body_typography-font-family); font-size: var(--body_typography-font-size); font-style: var(--body_typography-font-style,normal); font-weight: var(--body_typography-font-weight); letter-spacing: var(--body_typography-letter-spacing);\" data-contrast=\"none\">this implies more than a just a coal exit deadline.<\/span><span style=\"color: var(--body_typography-color); font-family: var(--body_typography-font-family); font-size: var(--body_typography-font-size); font-style: var(--body_typography-font-style,normal); font-weight: var(--body_typography-font-weight); letter-spacing: var(--body_typography-letter-spacing);\" data-contrast=\"none\"> Soci\u00e9t\u00e9 G\u00e9n\u00e9ral<\/span><span style=\"color: var(--body_typography-color); font-family: var(--body_typography-font-family); font-size: var(--body_typography-font-size); font-style: var(--body_typography-font-style,normal); font-weight: var(--body_typography-font-weight); letter-spacing: var(--body_typography-letter-spacing);\" data-contrast=\"none\">e<\/span> <span style=\"color: var(--body_typography-color); font-family: var(--body_typography-font-family); font-size: var(--body_typography-font-size); font-style: var(--body_typography-font-style,normal); font-weight: var(--body_typography-font-weight); letter-spacing: var(--body_typography-letter-spacing);\" data-contrast=\"none\">does not explicitly<\/span><span style=\"color: var(--body_typography-color); font-family: var(--body_typography-font-family); font-size: var(--body_typography-font-size); font-style: var(--body_typography-font-style,normal); font-weight: var(--body_typography-font-weight); letter-spacing: var(--body_typography-letter-spacing);\" data-contrast=\"none\"> demand the closure of coal assets, thus allowing them to be sold.<\/span><span style=\"color: var(--body_typography-color); font-family: var(--body_typography-font-family); font-size: var(--body_typography-font-size); font-style: var(--body_typography-font-style,normal); font-weight: var(--body_typography-font-weight); letter-spacing: var(--body_typography-letter-spacing);\" data-contrast=\"none\"> However, the policy states that Soci\u00e9t\u00e9 G\u00e9n\u00e9rale will not facilitate such transactions.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: var(--body_typography-color); font-family: var(--body_typography-font-family); font-size: var(--body_typography-font-size); font-style: var(--body_typography-font-style,normal); font-weight: var(--body_typography-font-weight); letter-spacing: var(--body_typography-letter-spacing);\" data-contrast=\"none\">7. See the <\/span><span style=\"font-family: var(--body_typography-font-family); font-size: var(--body_typography-font-size); font-style: var(--body_typography-font-style,normal); font-weight: var(--body_typography-font-weight); letter-spacing: var(--body_typography-letter-spacing);\" data-contrast=\"none\"><u><a href=\"https:\/\/coalexit.org\/\" target=\"_blank\" rel=\"noopener noreferrer\">Global Coal Exit List<\/a><\/u><\/span><span style=\"color: var(--body_typography-color); font-family: var(--body_typography-font-family); font-size: var(--body_typography-font-size); font-style: var(--body_typography-font-style,normal); font-weight: var(--body_typography-font-weight); letter-spacing: var(--body_typography-letter-spacing);\" data-contrast=\"none\">.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: var(--body_typography-color); font-family: var(--body_typography-font-family); font-size: var(--body_typography-font-size); font-style: var(--body_typography-font-style,normal); font-weight: var(--body_typography-font-weight); letter-spacing: var(--body_typography-letter-spacing);\" data-contrast=\"none\">8. See <\/span><u style=\"font-family: var(--body_typography-font-family); font-size: var(--body_typography-font-size); font-style: var(--body_typography-font-style,normal); font-weight: var(--body_typography-font-weight); letter-spacing: var(--body_typography-letter-spacing);\"><a href=\"https:\/\/reclaimfinance.org\/site\/en\/2020\/07\/02\/bnp-paribas-exits-the-coal-power-sector\/\"><span data-contrast=\"none\">Reclaim Finance\u2019s <\/span><span data-contrast=\"none\">response<\/span><span data-contrast=\"none\"> to BNP Paribas\u2019 <\/span><span data-contrast=\"none\">announcements<\/span><\/a><\/u><span style=\"color: var(--body_typography-color); font-family: var(--body_typography-font-family); font-size: var(--body_typography-font-size); font-style: var(--body_typography-font-style,normal); font-weight: var(--body_typography-font-weight); letter-spacing: var(--body_typography-letter-spacing);\" data-contrast=\"none\">.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: var(--body_typography-color); font-family: var(--body_typography-font-family); font-size: var(--body_typography-font-size); font-style: var(--body_typography-font-style,normal); font-weight: var(--body_typography-font-weight); letter-spacing: var(--body_typography-letter-spacing);\" data-contrast=\"none\">9. See the \u201c<\/span><span style=\"font-family: var(--body_typography-font-family); font-size: var(--body_typography-font-size); font-style: var(--body_typography-font-style,normal); font-weight: var(--body_typography-font-weight); letter-spacing: var(--body_typography-letter-spacing);\" data-contrast=\"none\"><u><a href=\"https:\/\/www.societegenerale.com\/en\/building-tomorrow\/sustainable-commitments\/financing-the-energy-transition\" target=\"_blank\" rel=\"noopener noreferrer\">financing the energy transition<\/a><\/u><\/span><span style=\"color: var(--body_typography-color); font-family: var(--body_typography-font-family); font-size: var(--body_typography-font-size); font-style: var(--body_typography-font-style,normal); font-weight: var(--body_typography-font-weight); letter-spacing: var(--body_typography-letter-spacing);\" data-contrast=\"none\">\u201d page on Soci\u00e9t\u00e9 G\u00e9n\u00e9rale\u2019s website and the <\/span><a style=\"font-family: var(--body_typography-font-family); font-size: var(--body_typography-font-size); font-style: var(--body_typography-font-style,normal); font-weight: var(--body_typography-font-weight); letter-spacing: var(--body_typography-letter-spacing);\" href=\"https:\/\/www.ran.org\/wp-content\/uploads\/2020\/03\/Banking_on_Climate_Change__2020_vF.pdf\"><span data-contrast=\"none\">Banking on Climate Change 2020<\/span><\/a><span style=\"color: var(--body_typography-color); font-family: var(--body_typography-font-family); font-size: var(--body_typography-font-size); font-style: var(--body_typography-font-style,normal); font-weight: var(--body_typography-font-weight); letter-spacing: var(--body_typography-letter-spacing);\" data-contrast=\"none\"> report published by Reclaim Finance, the Rainforest Action Network, and 4 partner <\/span><span style=\"color: var(--body_typography-color); font-family: var(--body_typography-font-family); font-size: var(--body_typography-font-size); font-style: var(--body_typography-font-style,normal); font-weight: var(--body_typography-font-weight); letter-spacing: var(--body_typography-letter-spacing);\" data-contrast=\"none\">organizations<\/span><span style=\"color: var(--body_typography-color); font-family: var(--body_typography-font-family); font-size: var(--body_typography-font-size); font-style: var(--body_typography-font-style,normal); font-weight: var(--body_typography-font-weight); letter-spacing: var(--body_typography-letter-spacing);\" data-contrast=\"none\">.<\/span><\/p>\n<\/div><div class=\"fusion-clearfix\"><\/div><\/div><\/div><\/div><\/div>\n","protected":false},"excerpt":{"rendered":"","protected":false},"author":28,"featured_media":5115,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[226],"tags":[215],"acteurs_financiers":[2442],"thematique":[2421,2423],"webinar_type":[],"programme":[],"class_list":["post-5190","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-press-release","tag-societe-generale-en","acteurs_financiers-banks","thematique-coal","thematique-fossil-fuels"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v23.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Soci\u00e9t\u00e9 G\u00e9n\u00e9rale releases a misleading coal phase out policy - Reclaim Finance<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link 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