The European financial services company Societe Generale announced a range of ESG and sustainable finance pledges, including a new aim to enable €300 billion of sustainable finance by 2025 and goals to reduce portfolio emissions.
The company's new sustainable finance objective replaces its previous vow, made in 2020, to help generate €120 billion between 2019 and 2023 through sustainable financing solutions related to the energy transition. According to Societe Generale, it has already greatly surpassed its goal, hitting €157 billion by the end of 2021.
The new €300 billion ambition increases the programs' reach to include environmental and social objectives.
Frédéric Oudéa, Chief Executive Officer of Societe Generale group, said:
"By collaborating closely with our clients and all of our stakeholders, and by drawing on the knowledge of our teams, we will identify the solutions that will allow us to collectively achieve this significant change to a decarbonized and socially responsible economy."
Additionally, Societe General announced a number of sponsored emissions-related goals, focusing on emission-intensive industries like as power generation and oil and gas. The company is aiming to lower the carbon intensity of its exposure to the Power generation sector to 125g of CO2 per kWh by 2030, up from its previous objective of 163g. Societe Generale plans to reduce its exposure to the oil and gas production sector by 20% by 2025, compared to an earlier target of 10% reduction and has established a new target of a 30% reduction in absolute carbon emissions related to the end-use of oil and gas production by 2030.
Societe Generale is a founding member of the Net Zero Banking Alliance (NZBA), a United Nations-convened consortium of banks committed to furthering global net-zero goals through their financial activities. impact.
In addition to its sustainable finance and investing aims, Societe Generale has detailed measures designed to include its ESG objectives. The corporation announced that it has the program to provide CSR training to all of its employees, with a focus on decarbonization challenges. In addition, Societe Generale is implementing its "ESG by Design" initiative to integrate ESG concerns into all of its activities.
Oudéa said:
"Societe Generale has placed CSR concerns, and environmental transition in particular, at the center of its ambitions and strategic roadmap for 2025. Our Group continues to aggressively support the Paris Agreement-compliant environmental transformation in a complicated geopolitical and economic climate dominated by energy-related concerns."
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