In addition to helping its clients in their environmental transition and contributing to meet social goals, Crédit Agricole CIB has been involved for many years in think tanks and working groups in various sectors. The aim is to work together with all stakeholders for a more sustainable transition.
Crédit Agricole CIB is very active in the steel sector, which is crucial to the economy. Steel is used in all areas, including the energy transition, from cars to public transport rails to low-carbon buildings.
However, because of its dependence on coal, the sector accounts for 7% of global CO2 emissions. With demand for steel set to increase by 30% by 2050, emissions could rise significantly if nothing is done to decarbonise the industry.
Crédit Agricole CIB and five large banks signed the Sustainable STEEL Principles (SSP), the first steel stakeholder agreement to develop the methods and data needed to align the steel industry with a net zero trajectory and measure that alignment over time.
Signatories to the Sustainable STEEL Principles represent a combined bank loan portfolio of approximately $23 billion, a market share of over 11% of all loans to the private steel sector. With this innovative and voluntary agreement, Crédit Agricole CIB will be able to continue to serve the steel sector as it moves towards decarbonisation.
Crédit Agricole CIB is a signatory to the Poseidon Principles since 2019, an initiative that aims to introduce and then regularly measure climate assessment criteria in future ship finance decisions to encourage decarbonisation of the shipping sector.
The aim is to reduce the sector’s total annual GHG emissions by at least 50% by 2050.
The initiative covers all ship-backed loans that fall under the jurisdiction of the International Maritime Organisation (IMO), a specialised agency of the United Nations that regulates maritime transport.
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