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French banks started turning to green energy sources

French banks started turning to green energy sources and moving away from the conventional energy sources. Already last year, Societe Generale announced that since 2017 has stopped financing the construction of coal-fired power plants at the expense of renewable energy sources.

Credit Agricole also announced that stops investments in coal power plants and will grant credits only for limiting carbon dioxide emissions from such plants.

One of largest European banks has also said it is targeting green energy for further investments. BNP Paribas stops financing the development of coal mines and the construction of coal power plants, and will soon stop supporting coal companies as well, in addition to their plans for diversifying energy sources.

The French giant is also taking another step in its plans – stopping lending to shale gas and oil sands projects. By contrast, green projects will be able to rely on 15 billion EUR by 2020. Separately, 100 million EUR will be targeted at start-ups that work on energy conservation and energy efficiency projects.

Moreover, Societe Generale plans 10 billion EUR for green projects by 2020.

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