Crédit Agricole unit to cease shale oil financing from 2022

Crédit Agricole Corporate and Investment Bank SA will stop financing projects related to shale oil and shale gas and oil from tar starting in January 2022 as part of its updated climate strategy.

In the same period, the Crédit Agricole SA unit will also stop financing companies whose exploration and production of said energies represents more than 30% of their activities.

Crédit Agricole CIB pledged to reduce its exposure to upstream production of oil by 20% by 2025 compared to 2020, as well as raise its exposure to noncarbon energies by 60% by 2025.

Other commitments in the climate strategy include the disclosure of total coal exposure, which was below €350 million at 2020-end, and doubling the company's green loan portfolio size to reach €13 billion.

The company will publish its decarbonization plan in the first half of 2022 for other sectors, such as transport, automobile, infrastructure, construction and steel.

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