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Societe Generale wants to reduce its exposure to hydrocarbon production by 50% by 2025

2023-09-18T06:36:45.457Z

Highlights: Societe Generale Bank will reduce its exposure to the oil and gas production sector by 50% compared to 2019 by 2025, compared to 20% previously. "We will accelerate the decarbonization of our activities" and play "a leading role in the energy, environmental and social transition," Slawomir Krupa said in a statement. Banks are often singled out by NGOs for their participation, via the financing of large groups and new oil projects, in climate change. The bank also announced on Monday the launch of an investment fund dedicated to the transition.


Until now, the group's ambitions have been to reduce its exposure to the oil production sector by 20 by 2025 compared to 2019.


Societe Generale Bank announced on Monday, ahead of a strategic presentation to investors in London by its new chief executive Slawomir Krupa, that it would reduce its exposure to the oil and gas production sector by 50% compared to 2019 by 2025, compared to 20% previously. "We will accelerate the decarbonization of our activities" and play "a leading role in the energy, environmental and social transition," Krupa said in a statement.

The document also specifies a 2030 target of -80%, still compared to 2019, as well as the cessation of the offer of financial products and services dedicated to projects of new oil and gas production fields on January 1, 2024. Until now, the group's ambitions have been to reduce its exposure to the oil production sector by 20 by 2025 compared to 2019. Banks are very often singled out by NGOs for their participation, via the financing of large groups and new oil projects, in climate change.

Investment fund dedicated to the transition

Société Générale also announced on Monday the launch of an investment fund dedicated to the transition with one billion euros to "accelerate the development of energy transition solutions and projects based on nature and impact," according to the statement. It also shares new financial, profitability, operational efficiency and dividend distribution targets.

The new boss Slawomir Krupa has made an appointment with the market: he will present these different points at 8am GMT in London to investors in order to revive their interest in the bank, in search of a new breath. Four months after taking the reins of the banking group, Slawomir Krupa has made this morning of presentation and discussion - an hour and a half is reserved for questions from the room - his first public highlight.

Source: lefigaro

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