CEO Sustainability Series | Antoine Sirgi, Senior Country Officer Credit Agricole CIB, Singapore

What are Crédit Agricole's key sustainability initiatives and commitments?

At Crédit Agricole S.A., sustainability is at the core of our operations and we are committed to working in the interest of the society as a whole. We target to achieve carbon neutrality by 2050, including our financing and investment portfolios and our own footprint. Crédit Agricole CIB, as the Group’s corporate and investment banking arm, plays a pivotal role in financing energy transition and supporting our clients on their Net Zero transition journey.

To accelerate the transition to carbon neutrality in 2050, Crédit Agricole S.A. has developed an ambitious science-based climate strategy including a 2030 target for its subsidiaries on 5 sectors (Oil and Gas, Automotive, Power, Commercial Real Estate, and Cement). Crédit Agricole S.A. will disclose targets for 5 additional sectors (Shipping, Aviation, Steel, Residential Real Estate, and Agriculture) by the end of 2023. Furthermore, our commitment to sustainability extends beyond our financing and investment portfolios – Crédit Agricole S.A. has committed to decrease half of its own direct carbon footprint by 2030 linked to energy consumption and business travels.

How does Crédit Agricole CIB engage with its customers to promote sustainable practices and responsible financial behaviours?

As a global leader in green and sustainable finance, Crédit Agricole CIB works closely with clients to accelerate the advent of renewable energy, tailors the most suitable solutions through ESG advisory, and makes knowledge on transition finance accessible.

To help promote sustainable practices and facilitate net zero transition, we bring in expertise from Europe to other parts of the globe and work with our clients to come up with innovative ESG financing solutions that adapt to their business model. We were the first bank to introduce green repos to the APAC market.

We are one of the first banks to have established a dedicated Sustainable Investment Banking team (since 2009) to provide best-in-class solutions on key topics such as responsible finance and climate transition. Crédit Agricole CIB is also a co-founder of the Green Bond Principles and the only European bank in the drafting committee in 2013.

Throughout the years, Crédit Agricole CIB has been among the world’s leaders in Sustainable Finance and was awarded the ESG House Award by IFR for 6 years since 2015. This year, in 2023, Crédit Agricole CIB is named Hong Kong’s Best Bank for ESG by Asiamoney, and Best ESG Bank (International category) in mainland China and South Korea by FinanceAsia.

What role do banks play in supporting the transition to a low-carbon economy?

Accelerating investments in green initiatives is necessary to effectively contribute to the urgent need for energy transition. Banks possess the knowledge to help organisations, particularly those in emerging markets, in financing and developing strategies to reach Net Zero goals without impeding their growth.

For Crédit Agricole CIB, we focus on providing our clients with bespoke, innovative solutions to energy transition. To speed up our efforts to support clients in their decarbonisation trajectory, on top of the Crédit Agricole S.A. net zero commitments, we have also been working with industry and public sector partners to set up a standardised industry framework for transparency and accountability.