Strategy and value creation

Environmental strategy

Formulated in 2019, our science-based climate strategy seeks to align the Group’s financial flows with the trajectory of the Paris Agreement. Since 2021, when the Group joined the four alliances of the Glasgow Financial Alliance for Net Zero, our focus has been on the target of contributing to carbon neutrality, in accordance with the International Energy Agency’s Net Zero Emissions by 2050 Scenario (NZE Scenario). This full-fledged climate transition plan is one of the pillars of our environmental strategy, accompanied by our approach to promote biodiversity and conserve natural capital.

The transition plan is based on scientific work (IPCC reports, the International Energy Agency’s NZE Scenario etc.) and the work carried out with our scientific committee, set up in 2019. Since COP28, this has led to an acceleration of our commitments in the energy sector, combining three components: accelerating the development of renewable energy, supporting customers and society in their transitions, and withdrawing from fossil fuels.

  • At the end of 2023, our volume of renewable energy financing (non-nuclear assets of Crédit Agricole CIB and Crédit Agricole Transitions & Énergies/CA Leasing & Factoring) was €13 billion. It corresponds to renewable energy generation of around 22 TWh, or more than half the electricity consumption of a city such as Paris (consumption of 36.6 TWh in 2021).

    Over the past five years, Crédit Agricole has provided more than €15 billion in financing for 412 renewable energy generation projects, 65% of which were in France. On average, in the last five years, Crédit Agricole financed one renewable energy generation project every five days.

    +80% Between 2020 and 2023, the outstanding financing on renewable energy projects grew by 80%.

    Through the launch of Crédit Agricole Transitions & Énergies (Transitions and Energies):

    In October 2023, Crédit Agricole Transitions & Énergies announced its ambitions and roadmap by positioning itself as a regional energy provider. This new business line reinforces and coordinates the Group’s existing transition ecosystem with three overarching missions:

    • Network leader, ensuring consistency and improving the Group’s efficiency.
    • Transition consultant, supporting all customers through the transition process and capturing the value linked to this transformation, including corporates and local authorities via a range of solutions offered by R3 (100 consulting experts and transition solutions in 2023 and 200 by 2025), of which Crédit Agricole Transitions & Énergies is a core shareholder.
    • Producer and supplier of low-carbon energy from short supply chains, leveraging the Group’s ability to identify and finance renewable energy generation assets in different regions, supporting market growth and becoming a producer to accelerate the energy transition.

    In 2023, Crédit Agricole Transitions & Énergies launched an initial offer to supply fixed-price, locally generated green electricity for local authorities operated by Selfee1. It also signed the first Corporate Power Purchase Agreement – a power purchase agreement between a producer and a (corporate) consumer, guaranteeing the latter a supply of renewable electricity from existing or future facilities.

    See also CA Transitions & Énergies in “Ambitions 2025” in action

    New commitment in 2023  x3
    for the annual production of structured renewable energy financing by CA Transitions & Énergies in France between 2020 and 2030, i.e. €19 billion in cumulative financing by 2030

    1 Selfee, in which Crédit Agricole is a core shareholder, is an electricity market operator established in 2017 in cooperation with a dozen local authorities in France. It enables the direct purchase of locally generated electricity at a local price, by acting as the sole intermediary with the energy producer.

    Through financing solutions:

    • Together with the Group’s retail banks, Crédit Agricole Transitions & Énergies has enabled the financing of €785 million in the energy sector.
    • Crédit Agricole Leasing & Factoring, which finances infrastructure projects with local authorities and their private operators, has established a partnership with experts from the Crédit Agricole Transitions & Énergies-Unifergie division to increase the capacity to identify and finance projects. CA Leasing & Factoring has also set up a new Infrastructure Financing Department focused on non-energy utilities (water and sanitation, transport etc.).
    • LCL has granted 33% of index-linked financing (sustainability-linked loans) to corporates, of the total medium- and long-term financing. It also offers its SME and MSE customers targeted financing (green loans or social loans) under the umbrella of “impact financing”. Furthermore, the amount of project financing outstandings for renewable energy projects amounted to €304 million at the end of 2023.
    • Crédit Agricole CIB has granted €17 billion in green loans for renewable energy projects, low-carbon assets, transition projects in various sectors and energy efficiency projects.
    New commitment for 2023 +80%
    increase in Crédit Agricole CIB’s exposure to low-carbon energy between 2020 and 2025 (versus +60% announced in the Medium-Term Plan in 2022), i.e. €13.3 billion in 2025
    Crédit Agricole CIB, a global leader in green bonds
    In addition to its project financing activities, Crédit Agricole CIB helps to finance the fight against climate change and the ecological transition through its green bond arrangement business, directing capital from bond markets towards environmental projects. Crédit Agricole CIB has operated in this market since 2010 and in 2023 it ranked as the world’s second-largest bookrunner for euro issuance with €21.3 billion in green, social and sustainability bonds for its major customers (source: Bloomberg).

    Through investments:

    • Crédit Agricole Assurances has contributed to the financing of 13.5 GW of installed renewable energy capacity in France, close to its target of 14 GW by 2025.
    • Crédit Agricole S.A., with €25.2 billion in green, social and sustainability bonds as of 31 December 2023, including €7.8 billion in green bonds, has far exceeded the target set in 2022 of having outstandings in excess of €6 billion.
    Amundi puts ESG analysis at the heart of responsible investment
    As part of its “ESG Ambitions 2025” plan, Amundi launched an “engagement” cycle on climate issues in 2022 with the target of engaging 1,000 more companies by 2025. Amundi explicitly asks companies to publish a detailed climate strategy, based on precise indicators and including targets for each “scope” of carbon emissions and the corresponding investment plans. At the end of 2023, Amundi engaged 966 additional companies on the climate issue.

    Through customer savings:

    • LCL holds €1.9 billion of assets in “LCL Impact Climat” funds, its range of wealth management investment vehicles focused on financing solutions that seek to combat climate change and help reduce, neutralise or offset CO2 emissions.
    • Indosuez Wealth Management has expanded its offering, allowing customers to get involved in financing social and environmental transitions according to their aspirations, with the launch of new products and funds in France and Monaco. At the same time, the Group’s policy on coal has been adopted and rolled out across all management (Indosuez’s discretionary investment policy).
    Amundi launches the “Net Zero Ambition” range for major asset classes
    By providing an active range of transition funds, Amundi guides savings towards investment solutions capable of supporting the transition of issuers, while offering its customers the means to bring their portfolios into line with their own climate commitments. Investors can choose to invest their savings in funds (equities, bonds, diversified management, property or climate ETFs) that fully integrate the Net Zero transition target.
  • This component of our transition plan is the most ambitious: supporting all our customers – individuals, small businesses, corporates, farmers and local authorities – at different stages of their transition pathway towards a sustainable economy with low-carbon solutions, and supporting society through its transitions.

    To closely monitor its contribution to the decarbonisation of the economy, Crédit Agricole has implemented action plans to reduce financed emissions, which represent 99% of its carbon footprint. On that basis, we have identified 10 sectors and made commitments for eight of them. These 10 sectors represented 60% of our financing portfolio in 2020. We have also developed a wide range of solutions to support transitions.

    Interim targets and action plans for the 10 sectors:

    Significant progress in achieving our 2030 commitments at the end of 20231

    OIL & GAS -63% for financed emissions related to the sector

    2030 target:
    -30% revised to -75% in 2023

    OIL & GAS -35% in exposure to upstream oil (€bn)

    2025 target: -20% revised to -25% in 2022

    COMMERCIAL REAL ESTATE -5% for the average intensity of financing in the sector (kgCO2e/m2)

    2030 target: -40%

    ELECTRICITY +80% in exposure to low-carbon energy (€bn)

    At 31 December 2023:

    ELECTRICITY -17% for the average intensity of financing in the sector (gCO2e/kWh)

    2030 target:

    CEMENT +3% for the average intensity of financing in the sector (kgCO2e/T)

    2030 target:

    AUTOMOTIVE -13% for the intensity of financed emissions related to the sector (gCO2e/km)

    2030 target:


    AUTOMOTIVE 1/4 share of electrified vehicles among the new vehicles financed by CA Consumer Finance (vehicles)

    2025 target:
    1 in 2 vehicles

    New commitments announced at the end of 2023

    OIL & GAS -75% for our financed emissions related to the Oil & Gas sector by 2030

    (vs. 2020)

    FOSSIL FUELS Discontinuation of funding for any new fossil fuel projects or dedicated infrastructure
    AVIATION -25% in gCO2e/RTK in 2030

    (vs. 2020)

    SHIPPING -36% in gCO2e/DWT.nm in 2030

    (vs. 2020)

    STEEL -26% in tCO2e/tonne of crude steel in 2030

    (vs. 2020)

    RESIDENTIAL REAL ESTATE 12.4 in gCO2/m2/year, a commitment to help achieve this target
    AGRICULTURE Supporting roadmaps for different professions

    A collective endeavour to make our commitments an integral part of our action

    • In our offerings: driving the expansion of our services and expertise.
    • In our processes: managing carbon as a scarce resource, factored into our budgetary processes, risk policies and lending decisions.
    • In our reporting: communicating transparently each year on the progress of our decarbonisation pathways.
    1vs. 2020

    Solutions fostering innovation and access to green energy

    • In 2023, the Livret Engagé Sociétaire savings account guaranteed more than €14 billion in funding to finance projects related to the climate and the transition to a low-carbon economy, the success of the agricultural and agri-food transition, and projects to support food sovereignty or strengthen cohesion and social inclusion. Nearly 1.3 million mutual shareholders have already chosen this accessible, flexible and risk-free account with capital protection for their savings.
    • The website “J’écorénove mon logement” had received 590,000 visits by the end of 2023. This online platform on the energy renovation of homes is aimed at individual customers and members of the public, offering them end-to-end support as well as access to learning content. The site provides a quick and accurate estimate, in less than 10 minutes, of the needs and solutions available, with the help of various simulators (energy performance certificate (DPE), help with grants, loans etc.).

    Facilitating access to green energy for SMEs and corporate customers
    LCL has developed the “LCL SmartBusiness” programme with various specialised partners, ranging from consulting to the implementation and management of solutions to support corporate customers in their energy transition. A total of 235 customers benefited from this programme in 2023. In parallel, CA Leasing & Factoring provides the Regional Banks and LCL with green solutions that offer training and leasing packages to finance the energy transition equipment of corporates, small businesses and farmers. In 2023, 2,660 customers signed up to these offers, representing loan production amounting to €194 million.

    Solutions promoting low-carbon mobility:

    • One in four new vehicles financed by CA Consumer Finance are electrified vehicles2. This brings CA Consumer Finance nearer to its target of one in two new vehicles financed being electrified and one in three new vehicles being fully electric by 2025. In 2023, the significant events and initiatives aimed at reaching these targets included:
      • Partnerships established or extended with electric and/or hybrid vehicle manufacturers: General Motors, CAKE, BYD, MG France, Tesla etc.
      • More than 200 customers signed up to the electric vehicle leasing scheme, which starts at €100/month, via the partner networks of Sofinco Auto-Moto-Loisirs.
      • More than 2,000 households benefited from the €99/month leasing scheme launched in July 2023 with the manufacturer MG Motor.
      • 200 electric vehicles were made available to local residents for car-sharing in Lyon and neighbouring municipalities, as part of the E+Share Drivalia sustainable car-sharing service launched in October 2023.
      • The first pilot scheme for Agilauto Partage, a rural car-sharing service, was launched in the Pays de Fayence community of municipalities in partnership with Crédit Agricole Côte d’Azur.
      • 62,726 visits were made to You R Mobile, Sofinco’s web platform dedicated to low-carbon mobility, to support French people in making these changes.
      • Outside France, 400 electric or hybrid vehicles were financed by Credibom, CA CF’s Portuguese subsidiary, via its Pisca-Green web platform, and 167,000 fully electric vehicles were financed by CA CF GAC-Sofinco in China.
    • 2,700 consumer finance applications were handled by LCL for the purchase of low-emission vehicles (CO2 emissions ≤50 g/km), as part of a preferential-rate offer for a new or second-hand purchase.
    Entry into force of Low Emission Zones (LEZs)
    In France, over 12 million private vehicles and light commercial vehicles (< 3.5 t) will no longer be allowed on the road in the 45 proposed LEZs in 2025. To meet these new challenges, CA Leasing & Factoring offers low-carbon vehicle leasing schemes: long-term car rental under the Agilauto brand (with CA CF) available to all Regional Bank and LCL customers, and car leasing with the option to own and associated services, reserved for small businesses and corporates. For the latter, Watèa (in which CAL&F holds a 30% stake) also offers long-term car rental for light commercial electric vehicles.

    2 Hybrid or electric

    Solutions focused on housing and construction

    • A range of loans to finance works to improve the energy performance of homes
      • In retail banking (see table below)
      • CA Consumer Finance financed €369 million in energy renovation loans in France in 2023, ahead of its target of €1 billion by 2025, including €800 million in the French market.
    • The development of low-carbon property by Crédit Agricole Immobilier, which has delivered on its commitments with three new developments that reuse construction waste, and by signing the Bois-Biosourcés Pact to create a virtuous ecosystem in the timber industry.

    A range of loans to finance works to improve the energy performance of homes in retail banking

    Interest-free eco-loan (éco-PTZ), Interest-free for energy renovations:

    • Regional Banks: 17,475 loans – €236.6m (January-June 2023)
    • LCL : 3,828 loans – €58m (2023)
    • Group market share: 38% at the end of June 2023

    Housing transition loans, preferential rate for energy renovations:

    • Regional Banks: €311m since their inception (until the end of October 2023)

    Financing of energy-saving works, preferential rate for energy renovations:

    • LCL: €191m since their inception

    Habiter Mieux/Sérénité eco-loan, means-tested energy renovation loan (French National Housing Agency – Agence nationale de l’habitat, ANAH), in partnership with SOLIHA:

    • Regional Banks: 520 eco-loans were declared at the end of December 2023

    Real estate financing, preferential rate, with no application fee, offering up to €20,000 for the purchase of homes with an energy rating between A and C:

    • LCL: launched in November 2023

    Solar panel financing, Consumer finance at preferential rates (for individuals):

    • LCL: launched in November 2023
  • This third component of our transition plan stems from the first two: it is the phasing-out of fossil fuel financing, which we are monitoring both in terms of financing granted and financed emissions (our customers’ CO2 emissions).

    To achieve this, we have adopted an industry pathway – regularly updated in the light of scientific studies – which targets a -75% reduction in financed emissions between 2020 and 2030, i.e. twice as quickly as the International Energy Agency’s NZE Scenario. This policy requires a selective approach to be taken for energy companies, focusing on support for our customers engaged in the transition and essentially supporting low-carbon diversification.

    We have also stopped financing any new fossil fuel extraction projects.

    Targets monitored by Crédit Agricole S.A. for several years

    • June 2019: rollout by the Group of its climate strategy aimed at gradually reallocating its financing and investment portfolios in line with the temperature goals of the 2015 Paris Agreement, and commitment to a phase-out of thermal coal by 2030 and 2040, depending on the country.
    • From 2020: implementation of the climate policy in sector thermal coal policies within the entities, continued financing of renewable energies and acceleration of responsible investment policies.
    • In 2021: commitment by the Group to help achieve carbon neutrality by 2050 by joining the four Net Zero initiatives for the financial sector.
    • In 2022 and 2023, strong acceleration of the climate strategy: launch of Crédit Agricole Transitions & Énergies, decarbonisation commitments made for 10 sector financing portfolios by 2030 in order to contribute to carbon neutrality by 2050.
    Glasgow Financial Alliance for Net Zero : specifying our targets and commitments for each sector
    In 2021 and 2022, Crédit Agricole S.A. decided to join the four coalitions of financial institutions committed to helping to achieve global carbon neutrality by 2050:

    • • the Net Zero Banking Alliance for banking business lines ;

    • • the Net Zero Asset Managers Initiative for its asset management business line, headed by Amundi ;

    • • the Net Zero Asset Owner Alliance and the Net Zero Insurance Alliance3 for Crédit Agricole Assurances.

    3 NZIA ceased being active at the end of December 2023 to be replaced by a new alliance.

  • The planet and humanity face a major crisis on two fronts: biodiversity loss and climate change. Economic actors can be affected in various ways by the loss of biodiversity and the degradation of nature (erosion, lower yields etc.), and can also have a negative impact on them (deforestation, fragmentation of ecosystems etc.). Taking action in support of nature and biodiversity is therefore essential to Crédit Agricole’s environmental strategy.

    Statement on biodiversity and natural capital

    Published in 2023, this first statement confirms the Group’s approach to biodiversity and natural capital based on scientific work. It identifies five priorities to address this significant issue.

    1. Assess the material impacts and risks related to the loss of nature on our activities: Crédit Agricole S.A. has undertaken to define potential indicators, tools and methods related to biodiversity and natural capital.
    2. Integrate nature and biodiversity criteria into sector policies: in financing and investment portfolios.
    3. Mobilise financial resources for activities that benefit nature: Crédit Agricole S.A. acts through its financing, investment and insurance products. The Group also promotes projects to raise awareness of biodiversity among its employees and support its customers.
    4. Support collective action to counter the decline in nature and ecosystem services: Crédit Agricole S.A. works with national and international coalitions to better understand the impacts and risks of the degradation of nature and biodiversity. It also seeks to better understand the opportunities to contribute to its protection, conservation and restoration.
      In 2023, Crédit Agricole S.A. became co-chair of the Principles for Responsible Banking (PRB) Nature Target Setting Working Group of the United Nations Environment Programme Finance Initiative (UNEP FI). This working group brings together 36 banks worldwide. Its main aim is to develop an initial guide of recommended targets for banks that is aligned with the Kunming-Montreal Global Biodiversity Framework.
    5. Reduce our operating footprint and promote biodiversity: Crédit Agricole S.A. is tackling its potential direct footprint on biodiversity and natural capital by protecting and promoting biodiversity on its campuses.
  • After joining the Net Zero Banking Alliance in 2021 and in line with the announcements of the Societal Project to contribute to carbon neutrality by 2050, Crédit Agricole S.A. is continuing its efforts to reduce greenhouse gases linked to its operations.

    Target for 2030: -50% reduction in Crédit Agricole S.A.’s direct carbon footprint

    • -50% reduction in greenhouse gas emissions related to energy consumption by buildings and the vehicle fleet (scopes 1 and 2) between 2019 and 2030 (absolute target);
    • -50% reduction in greenhouse gas emissions linked to business travel (scope 3 category 6) between 2019 and 2030 (absolute target).

    In line with the latest scientific evidence, Crédit Agricole S.A. submitted its reduction pathways to the Science Based Targets initiative (SBTi) in late 2022. The target validation process continued in 2023, committing us to a greater reduction than required (-50% versus -46.2% according to SBTi).

    Target for 2030

    in Crédit Agricole S.A.’s direct carbon footprint