The Crédit Agricole group is comprised of a banking arm, an insurance division, and asset management giant Amundi.
The group excludes all companies developing new coal assets and is one of the few financial institutions to also exclude companies purchasing existing coal assets without pledging to shut them down by their planned end of life by 2030 in EU/OECD countries and 2040 worldwide.
The litmus test of financial institutions’ seriousness in tackling the human and climate impacts of the coal sector is whether a coal policy excludes companies with plans to build new thermal coal mines, plants, or infrastructure such as terminals.
AXA was the first global player to adopt the Global Coal Exit List (GCEL) to identify and exclude companies because of their plans to build new coal assets. Since the GCEL’s first use in 2017, many more financial institutions have adopted forward-looking exclusion criteria. To date, 93 financial players exclude some companies explicitly based on their coal development plans and 42 players have ended financial support to all companies planning to build any new coal assets (mines, plants and infrastructure).
Only La Banque Postale has so far committed to excluding companies selling equipment for new coal projects.