Ratios de financement énergétique des banques en 2025 : le bon, le mauvais et la voie à suivre

The report examines the Energy Supply Financing Ratio (ESFR), a metric used to compare bank financing of sustainable energy versus fossil fuels. While adoption is increasing due to shareholder pressure, the author argues that current methodologies are often flawed. European banks like BNP Paribas and Crédit Agricole set ambitious targets but use narrow definitions of fossil fuel activities and omit bond/equity financing. Conversely, North American banks like Citi and JPMorgan Chase provide more comprehensive coverage of the fossil fuel value chain but artificially inflate their 'low carbon' figures by including fossil-based hydrogen, carbon capture, and non-energy sectors.

• To align with the International Energy Agency's 'Net Zero Emissions' (NZE) scenario to limit warming to 1.5°C, banks need an ESFR of 6:1 by 2030. However, the 65 largest global banks only achieved a ratio of 0.42:1 between 2021 and 2024.
• French banks BNP Paribas and Crédit Agricole are the only major global banks to both publish current ratios and set targets for 2030 and 2028, respectively, with goals of 9:1. However, their ratios are considered opaque and underestimate fossil fuel support because they exclude liquefied natural gas (LNG), gas-fired electricity production, and financing via bonds and equities.
• North American banks, including Citi and JPMorgan Chase, provide more detailed methodologies and broader coverage of the fossil fuel value chain, including bond underwriting. However, they artificially inflate their sustainable financing figures by including fossil-based hydrogen, carbon capture and storage, and non-energy industrial processes like cement manufacturing (in the case of RBC).

APA

Manickawasagar, A. (2026). Ratios de financement énergétique des banques en 2025 : le bon, le mauvais et la voie à suivre. Reclaim Finance. https://reclaimfinance.org/site/2026/01/20/ratios-de-financement-energetique-des-banques-en-2025-le-bon-le-mauvais-et-la-voie-a-suivre/

Chicago

Manickawasagar, Aatiraï. Ratios de financement énergétique des banques en 2025 : le bon, le mauvais et la voie à suivre. Reclaim Finance, 2026. https://reclaimfinance.org/site/2026/01/20/ratios-de-financement-energetique-des-banques-en-2025-le-bon-le-mauvais-et-la-voie-a-suivre/.

Wikipedia

{{cite report |last1=Manickawasagar |first1=Aatiraï |title=Ratios de financement énergétique des banques en 2025 : le bon, le mauvais et la voie à suivre |publisher=Reclaim Finance |date=20 January 2026 |url=https://reclaimfinance.org/site/2026/01/20/ratios-de-financement-energetique-des-banques-en-2025-le-bon-le-mauvais-et-la-voie-a-suivre/ |access-date=23 October 2026 |via=Climate Insights Directory}}

BibTeX

@techreport{manickawasagar2026ratios, author = {Manickawasagar, Aatiraï}, title = {{Ratios de financement énergétique des banques en 2025 : le bon, le mauvais et la voie à suivre}}, institution = {Reclaim Finance}, year = {2026}, month = jan, url = {https://reclaimfinance.org/site/2026/01/20/ratios-de-financement-energetique-des-banques-en-2025-le-bon-le-mauvais-et-la-voie-a-suivre/}, urldate = {2026-10-23}, note = {Indexed by Climate Insights Directory} }