To meet the target of the Paris Agreement and address the major challenges brought about by global warming, we must accelerate the transformation of the economy, while ensuring that we strengthen social cohesion. It is about creating a new model of prosperity that will bring progress for all. The just climate transition, which is at the heart of our ESG strategy, relies on a fair distribution of the efforts of all stakeholders, while protecting the most vulnerable.
Be the European leader in responsible investment.
Through the development of our investment policy and responsible financing. The transformation of the economy must be accompanied by a strengthening of social cohesion in order to protect the most vulnerable populations.
(1) Sustainable Development Goals whose implementation is certified by an independent body and published by the United Nations.
2021 was an opportunity for the Group to affirm its societal commitment to energy transition and social cohesion through the announcement of its societal project in December 2021.
To take its commitment to transforming the economic model even further and contribute to the emergence of a new model of prosperity that will bring progress to all, at the end of 2021 the Group adopted a 10-commitment program plan that focuses on three areas: action for the climate and the transition to a low-carbon economy, the strengthening of social cohesion and inclusion, and successful transitions in agriculture and the food industry. This new group effort on a societal project is accompanied by the creation of a Social Commitment Index involving all stakeholders, illustrating the Crédit Agricole Group’s approach to continuous improvement and transparency.
To contribute to the essential acceleration of the climate process, in 2021 Crédit Agricole joined the alliances aiming for carbon neutrality in 2050 across all its businesses: banking, insurance and asset management. The Group has also subscribed to all the collective commitments of the banking profession, notably to do with ceasing to finance shale gas and oil. Crédit Agricole will publish zero-carbon sectoral trajectories in 2050, starting in 2022.
With regard to biodiversity, the Group is already preparing for the implementation of European regulations and the application of Article 29 of the French Energy and Climate Change Act concerning impact measurement. Amundi has continued its efforts to better integrate biodiversity into its internal analysis and investment processes and, in particular, has joined the “Finance for Biodiversity Pledge” initiative. As part of its sectoral policies, Crédit Agricole CIB has begun to map the sectors and geographies that are most exposed to biodiversity loss issues.
In addition, the Group is continuing to integrate climate issues into all its businesses. For example, Crédit Agricole Italy was the first bank to issue a guaranteed green bond in 2021 to ﬁnance residential mortgages for the purchase of high energy efficiency buildings. In 2021 CPR AM (Amundi) launched CPR – Invest Hydrogen, an innovation that makes the hydrogen industry a support for the transition to carbon neutrality. In addition, thirty-five investment vehicles offered to investors by Predica have received the “SRI” label developed by the French Ministry of Finance, five have GreenFin certification and eleven Finansol certification.
The Group is continuing its commitment to social cohesion by strengthening its support for young people. In January 2021, Crédit Agricole launched Youzful, a platform for young people’s career guidance and employment that offers job, work-study and internship opportunities as well as recruitment events in the regions. At the end of this first year, the platform has more than 100,000 registered young people and 1.4 million unique visitors (data as of 19/12/2021). In July 2021, the Group became a major partner of the 1jeune1solution platform deployed by the Government as part of the France Relance plan.
The Group is the second largest private recruiter of work-study students in France.
The Group supported the most vulnerable customers through CA CF’s inclusive offer, which supported 4,200 overindebted customers, and the Point Passerelle offer, which supported more than 10,000 families.
In addition, the Group is developing its product offering and supporting its customers in innovative operations. LCL launched “Responsible” ranges in March 2021 for both individual and private banking customers. Within these ranges, LCL offers funds with social and solidarity themes, including its solidarity and sharing funds, which it pioneered in the early 1990s: Solidarité Habitat et Humanisme and Solidarité CCFD Terres Solidaires. Crédit Agricole Assurances has launched a range of Eko Assurances, which is accessible to all.
Amundi has seen a 30% growth in its assets under management with a social and solidarity impact. The Amundi Finance et Solidarité fund thus confirmed its leadership position in social and solidarity impact investment in France, with assets under management of EUR 440 million at the end of 2021.
Crédit Agricole CIB accompanied EDF in its inaugural hybrid social bond issue dedicated to supporting SMEs (EUR 1.25 billion issued on May 26, 2021). Crédit Agricole CIB also accompanied Crédit Agricole S.A. in its second social bond issue on September 15, 2021 for EUR 1 billion. This transaction was as successful as the one at the end of 2020. The reference framework established by the Group includes the financing of companies in areas affected by an unemployment rate higher than the national average, the digital equipment of territories, the development of the health sector and the strengthening of social cohesion in the territories.