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