Crédit Agricole CIB joins the Hydrogen Council
Crédit Agricole CIB joined the Hydrogen Council, a global initiative on hydrogen energy which brings together more than 80 players in the energy, transport, industrial and financial sectors. This participation allows the Bank to contribute, by supporting its clients, to the development of this transitional source of energy and thereby to reach Crédit Agricole Group’s climate goals, in line with the Paris Agreement.
According to forecasts, 18% of global energy demand could be met by Hydrogen by 2050, thus reducing greenhouse gas emissions by 6Gt per year, or 20% of the amount required to reach the goals of the Paris agreement. This represents USD 20 to 25 billion additional investments each year until 2030. A new “Investors” group to which Crédit Agricole CIB belongs, was just created within the Hydrogen Council to connect investors with the industry in anticipation of a massive expansion of hydrogen solutions. In this context, Crédit Agricole CIB’s role will be to support the projects and to assist new players, whether in capital or debt.
Jacques Ripoll, Chief Executive Officer of Crédit Agricole CIB, comments: “Joining the Hydrogen Council will allow us to strengthen the support we provide to our clients in their adoption of this clean source of energy and to share best market practices. This is a natural extension of our longstanding commitment alongside the energy transition players.”
A worldwide sector team dedicated to hydrogen energy was set up within Crédit Agricole CIB. This multi-product team combines Sustainable Banking, Infrastructure, Power & Utilities, Oil & Gas and M&A experts. Leveraging on our longstanding expertise in wind and solar energy and on our leading position in the Green, Social & Sustainability bond market, the Bank will offer tailor-made financing and advisory solutions. For this it will rely on its worldwide distribution platform.