Yes, banks must take action to fight climate change
The latest IPCC climate report is clear. The situation is alarming. Moreover, it will become uncontrollable in the future if the signatory countries to the Paris Agreement do not raise their objectives as of now and do not implement, both individually and collectively, particularly ambitious measures.
In this regard, I sincerely believe that financial institutions, banks especially, can play a role in helping to combat climate change and achieving the 2°C target set out in the Paris Agreement.
But only if they are part of a movement combining public authorities, private sector players, citizens and non-governmental organisations. Banks provide support in implementing public policies but they do not establish these policies. They support initiatives but cannot be agents for change on their own. Alone, they have neither the legitimacy nor the capacity.
That said, I am optimistic about their willingness. Events like Climate Finance Day show the extent to which there is presently a shared willingness to pursue and amplify initiatives to achieve results. There are high hopes. There is considerable goodwill.
The economy and finance can and should become powerful allies in order to achieve the objective of carbon neutrality by 2050 as set out in France’s Climate Plan.
As I’m sure you understand, I firmly believe that the energy transition and, more generally all societal transition, are an opportunity for the European market and for financial institutions.
Everyone can play a role
In response to the observation, Crédit Agricole today has three long-term objectives:
- Support all our customers in the transition towards a “low-carbon” economy, aligned with the 2°C trajectory of the Paris Agreement.
- Broadly incorporate environmental, social and governance (ESG) criteria into the financing and investments that we offer in order to ensure the consistency of their economic, social and environmental impact.
- Invest in and promote financing for large-scale renewable energy projects.
With these three clear objectives, Crédit Agricole will continue to accompany the changes in our world as it has done throughout its history, ever closer to people, projects and regions. It is quite simply our raison d'être.
RET:Senior Structured Trade Finance Product Developer: Financial Default Risk Mitigation. Clean/Non-Fossil H2 Financier, All H2 is NOT Clean. The source of H2 DOES matter. RIP Randall Shackner, Seymour Heit, Robert Quinn
5 年The banks are promoting the corruption of Green by underwriting "Grenn Bonds" to countries comitted to carbon e.g. oil and coal. Poland is a recent example of this as they have sold several Green Bonds and are a dedicated coal power country.However PureGreen(non-CO2 based)H2 is taking a backseat. Despite the ability to guarantee payment in support of PureGreen H2, the banks are not chasing those deals. This is compounded by the effort to deceive that all Hydrogen is Green so that money raised or Grants issued in the name of carbon reduction is actually going directly to the oil companies who produce CO2-basedHydrogen.Lastly you will find supprt for natural gas, whilst it has a lower carbon footprint, it is the source of the much more damaging Methane.
Visual artist
5 年Quelle ironie. :)
Animateur déjeuners malins
5 年Merci pour ce soutien au Plan Finance Climat
RET:Senior Structured Trade Finance Product Developer: Financial Default Risk Mitigation. Clean/Non-Fossil H2 Financier, All H2 is NOT Clean. The source of H2 DOES matter. RIP Randall Shackner, Seymour Heit, Robert Quinn
5 年This is an interesting article. I note the French version has many more 'likes' and 8x more comments. The real challenges created by this issue are already affecting lives globally. The banks and politicians insistance on politicizing this matter is why it is already to late to reverse ocean rising. I'm not a scientist and I don't have time to listen to debates as to the cause.....the fact is oceans are rising and this world is already be adversely affected. Islands in the pacific no longer have dry land and are disappearing. These global summit know, them, there representatives have been asking for help. to no avail. Unfortunately they believe in a government solution and have refused private help. In the US the poisen of politics and the political controlled media have allowed a crisis to go without global or even within the US national coverage. Miami, Florida is already lost. Like islands in the Pacific and this should horrify everyone since Miami is on the Atlantic Ocean(so critical rising in both), Miami has ocean water coming up from beneath the ground!! Not high tide, not hurricanes....Miamis Mayor has not received any state or government help since to do so, would acknowledge the crisis. The city has been trying to raise its streets 2-3 ft to address the issue. Street level cafe's now have 3ft concrete wall as a view. The residents of the city are not being told what is the problem, they think an underground water pipe has broken to cause the streets to flood. Their is captial, private capital available to entities that seriously want to stem the damage i.e. stop it from getting worse because it is to late to stop it. Banks that really want to do something, need not take risk, for them a structured solution will allow participation with other banks as their credit risk and counter-party ie. fully guaranteed structured debt. The crisis extends to solutions as the Hydrogen industry has been corrupted and is being used not to reduce or eliminate carbon dependence BUT AS A MEANS TO FINANCE its continued dependence, Their is no climate initiative on the planet that explicitely says Hydrogen from a carbon-origin(oil) is prohibited! NOT ONE. The result is that Hydrogen is being referenced as a solution based on the falsehood it is Green, IT IS NOT. These places that already have oceans coming up thru the ground are lost. Denying that it is happening, when it is in plain site...means it will only get worse. I pray for better.
Entrepreneur
5 年At Kyaneos AM? we work hard to reduce the greenhouse emissions of our buildings (owned by our SCPI). With an average of 7kg eq CO2 / m2 / year, we are about 5 times lower than France average! We need help to keep growing and Credit Agricole would be wonderful ally!?