Vows to triple financing of renewable energy projects by 2030
Will publish exposure to fossil extraction projects in Q1 2024
Pledges to speed up reduction of financed carbon emissions

PARIS, Dec 14 Reuters Credit Agricole, France39;s secondlargest listed bank, said on Thursday it would stop financing new fossil fuel extraction projects and publish its exposure to that sector as part of its new climate targets.

The announcement follows the deal struck at the COP28 climate summit among representatives of nearly 200 countries, who agreed to begin reducing global consumption of fossil fuels to avert the worst of climate change.

Credit Agricole, which counts French oil major TotalEnergies among its top clients, said it would cut financed carbon emissions tied to the oil and gas sectors by 75 by 2030, compared with a previously announced target of a 30 reduction.

The lender also said it would triple its annual financing of renewable energy projects by 2030 to 3 billion euros 3.3 billion from 1 billion euros currently.

It added it would hike by 80 its investment bank unit39;s exposure to lowcarbon energies between 2020 and 2025, with the aim of reaching 13.3 billion euros.

Credit Agricole39;s new goals are part of the socalled net zero 2050 scenario, under which the world aims to achieve netzero carbon emissions by the middle of the century.

Environmental advocacy groups have criticised Credit Agricole for not doing enough to reduce its credit exposure to the oil and…