Societe Generale has underscored its commitment to "responsible financing" by ending dedicated coal financing and scaling back outstanding loans to the industry, effective from January 1 2017. The bank, which was involved in every offshore wind farm project financed in Europe this year, has said it will also "step up" its commitment to renewable energies. The pledges are in line with the International Energy Agency’s 2DS scenario, which aims to limit global warming to two degrees Celsius. Last year, Societe Generale doubled its funding for renewable energy to €10bn. Severin Cabannes is the third French bank to do cut financing for coal projects, with Credit Agricole doing the same on Wednesday. JP Morgan cut funding for individual coal projects in May, although not to the industry as a whole.
Societe Generale has underscored its commitment to "responsible financing" by ending dedicated coal financing and scaling back outstanding loans to the industry, effective from January 1 2017. The bank, which was involved in every offshore wind farm project financed in Europe this year, has said it will also "step up" its commitment to renewable energies. The pledges are in line with the International Energy Agency’s 2DS scenario, which aims to limit global warming to two degrees Celsius. Last year, Societe Generale doubled its funding for renewable energy to €10bn. Soc Gen is the third French bank to do cut financing for coal projects, with Credit Agricole doing the same on Wednesday. JP Morgan cut funding for individual coal projects in May, although not to the industry as a whole.