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. The move is part of France’s drive to reduce carbon emissions by 40 percent over the next decade, with Paris aiming to cut greenhouse gas emissions per unit of GDP in 2020 compared to 1990 levels. 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.
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.