On Tuesday, December 6, 2022, Crédit Agricole declared that it had launched a new business line to focus on climate-related objectives. The creditor now undertakes not to finance new oil extraction projects by 2025.

The largest French retail bank said it would reduce its exposure to oil exploration and production by 25% compared to 2020. As a result, he thinks that he will no longer finance new projects. Previously, it had targeted a 20% reduction. Thus, in a press release, the bank indicated that its new Crédit Agricole Transitions & Energies unit will also identify renewable energy assets in order to help the group become a renewable energy producer.

In addition, the banking sector is facing increased pressure from regulators and investors to align loans with global climate goals to reduce emissions. In reality, the Net-Zero Banking Alliance is a group of banks convened by the United Nations that are committed to acting in favor of the climate, and Crédit Agricole, as well as its peers Société Générale and BNP Paribas, is a member. For its part, the group said it would complete its exit from coal by 2030 in OECD member countries, and by 2040 in the rest of the world.