Assemblée Générale du Crédit Agricole 2022

Reclaim Finance challenges Crédit Agricole's commitment to net-zero goals, citing the bank's role as a top financier for companies like TotalEnergies and Saudi Aramco. The document questions the bank's failure to stop financing new oil and gas expansion, its inadequate exclusion policies for non-conventional fuels and Arctic projects, and its indirect support for the EACOP project. It also addresses the bank's ties to Russian fossil fuel activities, alleged infractions in its coal policy, and the voting behavior of its asset management subsidiary, Amundi, regarding the climate plans of oil majors.

• Crédit Agricole's current sectoral policy does not prohibit the expansion of conventional oil and gas, which contradicts the Net Zero Banking Alliance's 1.5°C trajectory and the IEA's Net Zero Roadmap.
• Between 2016 and 2021, Crédit Agricole was a leading financier for several major oil and gas companies, providing $7.1 billion to TotalEnergies, $5.7 billion to Saudi Aramco, $3.7 billion to BP, $2.7 billion to Petrobras, and $1 billion to Gazprom.
• The bank's exclusion policy for non-conventional oil and gas is deemed insufficient because it uses a 30% activity threshold and ignores recommendations regarding ultra-deep offshore drilling (over 1,500 meters).
• Crédit Agricole is identified as the fifth largest supporter of the 30 most active companies in the Arctic since the Paris Agreement, and its subsidiary Amundi is the third largest supporter of Arctic expansion.
• While Crédit Agricole pledged not to directly finance the East African Crude Oil Pipeline (EACOP) in Uganda and Tanzania, it remains a primary financier of TotalEnergies, the project's operator, including a $8 billion revolving credit facility coordinated in April 2022.
• Reclaim Finance alleges that Crédit Agricole committed infractions of its own coal policy in 2021 involving companies such as Glencore, Marubeni, Itochu, and En+/Rusal.
• The document argues that Amundi should vote against the climate plans of BP, Equinor, Repsol, Shell, and TotalEnergies because these plans are not aligned with a 1.5°C trajectory and lack short-term targets for Scope 3 emissions.

APA

Reclaim Finance (2022). Assemblée Générale du Crédit Agricole 2022. https://reclaimfinance.org/site/wp-content/uploads/2022/05/RF_Questions-AG-2022_CREDIT-AGRICOLE.pdf

Chicago

Reclaim Finance. Assemblée Générale du Crédit Agricole 2022. 2022. https://reclaimfinance.org/site/wp-content/uploads/2022/05/RF_Questions-AG-2022_CREDIT-AGRICOLE.pdf.

Wikipedia

{{cite press release |author=Reclaim Finance |title=Assemblée Générale du Crédit Agricole 2022 |date=2022 |url=https://reclaimfinance.org/site/wp-content/uploads/2022/05/RF_Questions-AG-2022_CREDIT-AGRICOLE.pdf |access-date=23 October 2026 |via=Climate Insights Directory}}

BibTeX

@misc{reclaimfinance2022assemble, author = {{Reclaim Finance}}, title = {{Assemblée Générale du Crédit Agricole 2022}}, publisher = {Reclaim Finance}, year = {2022}, url = {https://reclaimfinance.org/site/wp-content/uploads/2022/05/RF_Questions-AG-2022_CREDIT-AGRICOLE.pdf}, urldate = {2026-10-23}, note = {Indexed by Climate Insights Directory} }