Crédit Mutuel Alliance Fédérale announces new requirements for companies producing fossil fuels – Le Journal des Entreprises

The Crédit Mutuel Alliance Fédérale bancassurance group (14 of the 18 regional Crédit Mutuel federations and the CIC; 75,000 employees; €17.3 billion in net banking income in 2022), headquartered in Strasbourg, announces that it will cease, as of 1^er July 2024, its financing with energy companies that would not report a drop in their hydrocarbon production from one year to the next. However, Crédit Mutuel Alliance Fédérale does not include in its new policy its investment subsidiaries (which managed 166 billion euros in assets at the end of December 2022), which will be able to continue to finance “excluded” hydrocarbon-producing companies. . However, “the group’s main support for the oil and gas sector comes from these subsidiaries, with main exposures to ENI, TotalEnergies, Shell and Repsol. These companies are all planning new oil and gas fields”, puts the NGO Reclaim Finance into perspective. .