ENGIE : les banques soutiennent massivement l’expansion du gaz fossile

Reclaim Finance criticizes ENGIE for continuing to rely on fossil gas for over 50% of its 100 GW installed capacity and for pursuing new gas projects, such as the conversion of the Mejillones plant in Chile and a new plant in Nijmegen, Netherlands. The report highlights that French banks provided $3.4 billion to ENGIE between 2019 and 2023, representing one-third of its total funding, yet most lack robust sectoral policies to exclude gas power. Specifically, it notes that Société Générale's exclusion policy for Combined-Cycle Gas Turbines (CCGT) is ineffective because its emission threshold of 420 kg CO2-eq/MWh is higher than current CCGT emissions. Reclaim Finance calls on these banks to cease funding new gas projects and demand a transition plan that triples renewable capacity by 2030 instead of merely doubling it.

• ENGIE continues to rely heavily on fossil gas, which accounts for more than 50% of its 100 GW installed capacity, and the company lacks a transition plan to phase out gas plants.
• ENGIE is pursuing gas expansion through projects such as the conversion of the Mejillones coal plant in Chile to gas—despite the plant being only five years old—and a new 500MW gas plant in Nijmegen, Netherlands.
• French banks provided $3.4 billion in funding to ENGIE between 2019 and 2023, accounting for one-third of the company's total financing during that period.
• Most French banks lack sectoral policies for electricity production; Société Générale's existing policy is deemed ineffective because its emission threshold of 420 kg CO2-eq/MWh is higher than the emissions of modern Combined-Cycle Gas Turbines (CCGT), which are below 400gCO2e/kWh.
• ENGIE's goal to double renewable capacities by 2030 is insufficient for a 1.5°C scenario, which would require tripling existing capacities, and its 'low carbon' strategy relies on immature or non-viable technologies like hydrogen and carbon capture.

APA

Martin, L. (2024). ENGIE : les banques soutiennent massivement l’expansion du gaz fossile. Reclaim Finance. https://reclaimfinance.org/site/2024/09/10/engie-les-banques-soutiennent-massivement-lexpansion-du-gaz-fossile/

Chicago

Martin, Léo. ENGIE : les banques soutiennent massivement l’expansion du gaz fossile. Reclaim Finance, 2024. https://reclaimfinance.org/site/2024/09/10/engie-les-banques-soutiennent-massivement-lexpansion-du-gaz-fossile/.

Wikipedia

{{cite press release |last1=Martin |first1=Léo |title=ENGIE : les banques soutiennent massivement l’expansion du gaz fossile |publisher=Reclaim Finance |date=10 September 2024 |url=https://reclaimfinance.org/site/2024/09/10/engie-les-banques-soutiennent-massivement-lexpansion-du-gaz-fossile/ |access-date=23 October 2026 |via=Climate Insights Directory}}

BibTeX

@misc{martin2024engie, author = {Martin, Léo}, title = {{ENGIE : les banques soutiennent massivement l’expansion du gaz fossile}}, publisher = {Reclaim Finance}, year = {2024}, month = sep, url = {https://reclaimfinance.org/site/2024/09/10/engie-les-banques-soutiennent-massivement-lexpansion-du-gaz-fossile/}, urldate = {2026-10-23}, note = {Indexed by Climate Insights Directory} }