(CercleFinance.com) – BPCE specified on Wednesday its targets for reducing carbon emissions by 2030 as part of the financing it grants to the energy sector.
The French banking group – which recalls that fossil fuels represent 85% of CO2 emissions in the world – explains that it chose to initially set targets for reducing carbon emissions from its activities related to electricity production and oil and gas sectors.
By 2030, and compared to 2020, BPCE plans to reduce carbon emissions related to the end use of financed oil and gas production by 30%.
On this date, the carbon intensity of the activities financed by the group in the electricity production sector should be below 138 gCO2e/kWh, i.e. the objective of the carbon neutrality scenario. by 2050 set by the International Energy Agency.
At the same time, the group intends to increase its financing relating to sources of electricity production emitting little CO2, with particular emphasis on the financing of renewable energies.
By financing floating offshore wind projects, BPCE succeeded in increasing its exposure to renewable energies to more than 11 billion euros at the end of 2021, i.e. more than half of its portfolio linked to electricity production.
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