French bank SocGen 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. Societe Generale’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.
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.