Caisse des Dépôts ends the financing of new oil and gas projects


The Caisse undertakes “to exclude from its investments companies which have no plan to reduce oil production”.

The Caisse des Dépôts group (CDC) made new commitments on Wednesday “in climate change mitigation“, including the cessation of financing for new oil and gas projects, on the eve of Climate Finance Day. “In the context of an environmental emergency, the Caisse des Dépôts group is strengthening its commitments (…) and adopting its first action plan to adapt to the effects of climate change“Said a press release.

The group now excludesof its direct investments and financing the development of new oil and gas production projects and the transport infrastructure directly associated with these new projects“. The Caisse itself (excluding Bpifrance, La Poste and their subsidiaries) also undertakes “to exclude from its investments companies that do not have a plan to reduce oil production“.

“Contribution to ecological transformation”

For the NGO Reclaim Finance, the presentation of these new measures is “a missed opportunity“. “The CDC undertakes to no longer directly support the development of new oil and gas projects, but most support for the sector is provided through support for businesses“, which are therefore not affected by this exclusion, explains the NGO.

The CDC will also be more demanding by stopping from 2023 to invest (via equity investments or credits in the form of bonds) and to finance (via loans) companies whose turnover is linked to more than 5 % to thermal coal, against 10% previously, in line with an announcement made the day before by the insurer of its subsidiary La Poste (CNP Assurances). “Contributing to ecological transformation is at the heart of the Caisse des Dépôts group’s raison d’être», Says the general manager of the group Eric Lombard, quoted in the press release and whose mandate expires at the end of the year.



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