Briefing for financial institutions supporting ENGIE

Reclaim Finance assesses ENGIE's 2025 climate plan, finding it insufficient for a 1.5°C pathway. The analysis highlights that nearly half of ENGIE's capacity remains fossil gas-based, with no specific exit dates or asset-by-asset strategies. While renewable targets increased to 95 GW by 2030, the company continues gas expansion through new plants and LNG contracts. The briefing recommends that financial institutions demand a halt to gas infrastructure and that shareholders vote against the 'Say on Climate' proposal and the reappointment of CEO Catherine MacGregor.

• ENGIE's 2025 climate plan lacks a specific phase-out date for fossil gas or an asset-by-asset exit strategy, maintaining a gas capacity level consistent with the previous five years.
• The company is pursuing a gas expansion strategy that includes new gas-fired power plants, such as in Nijmegen (Netherlands), and the expansion of two LNG import terminals in France at Fos-Cavaou and Montoir de Bretagne.
• ENGIE's decarbonization target of 2045 is incompatible with the IEA Net Zero Emissions by 2050 scenario, which requires power sector decarbonization by 2035 in advanced economies and 2040 elsewhere.
• While ENGIE increased its 2030 renewable energy capacity target by 5 GW to a total of 95 GW, this growth is viewed as limited given the company's continued reliance on fossil gas.
• ENGIE's diversification strategy relies on hydrogen, biomethane, and carbon removal, but its 4 GW hydrogen production target for 2035 was delayed by five years due to development difficulties.
• Analysis of CAPEX for 2025–2027 shows that the share allocated to fossil fuel technologies remains nearly unchanged from the 2024–2026 period, contrasting with peers like Iberdrola and Statkraft who allocate no CAPEX to fossil power generation.

APA

Reclaim Finance (2024). Briefing for financial institutions supporting ENGIE. https://reclaimfinance.org/site/wp-content/uploads/2025/04/2025.04.16_Reclaim-Finance_ENGIEs-climate-plan-2025.pdf

Chicago

Reclaim Finance. Briefing for financial institutions supporting ENGIE. 2024. https://reclaimfinance.org/site/wp-content/uploads/2025/04/2025.04.16_Reclaim-Finance_ENGIEs-climate-plan-2025.pdf.

Wikipedia

{{cite report |author=Reclaim Finance |title=Briefing for financial institutions supporting ENGIE |date=16 April 2024 |url=https://reclaimfinance.org/site/wp-content/uploads/2025/04/2025.04.16_Reclaim-Finance_ENGIEs-climate-plan-2025.pdf |access-date=23 October 2026 |via=Climate Insights Directory}}

BibTeX

@techreport{reclaimfinance2024briefing, author = {{Reclaim Finance}}, title = {{Briefing for financial institutions supporting ENGIE}}, institution = {Reclaim Finance}, year = {2024}, month = apr, url = {https://reclaimfinance.org/site/wp-content/uploads/2025/04/2025.04.16_Reclaim-Finance_ENGIEs-climate-plan-2025.pdf}, urldate = {2026-10-23}, note = {Indexed by Climate Insights Directory} }