French bank Societe Generale will cease financing coal-powered electricity plants from January 2017 and instead double its support for the renewable energy sector. BNP Paribas made a similar commitment last year, whilst Credit Agricole announced an equivalent decision on Wednesday. SocGen’s pledge follows its 2015 decision to stop financing coal mines and coal-fired power plants in developed countries. The bank will now reduce its existing loans to the coal sector and will aim to decrease coal to 19 percent of the power production it finances by 2020.
French bank Societe Generale will cease financing coal-powered electricity plants from January 2017 and instead double its support for the renewable energy sector. BNP Paribas made a similar commitment last year, whilst Credit Agricole announced an equivalent decision on Wednesday. SocGen’s pledge follows its 2015 decision to stop financing coal mines and coal-fired power plants in developed countries. The bank will now reduce its existing loans to the coal sector and will aim to decrease coal to just 19% of the power production it finances by 2020.