29 November 2019

Climate change: the Caisse des Dépôts Group increases its green financing

Caisse des Dépôts Energie et environnement

On the occasion of Climate Finance Day, Caisse des Dépôts Group recalls its commitment to the Paris Agreement to limit global warming to 1.5°C. The amount of its financing for the ecological and energy transition, announced in 2018 at €16bn, has been increased: by 2020, Banque des Territoires and Bpifrance will mobilise €18bn. This amount is increased to €20bn including green finance investments.

The Group's portfolios of financial investments as well as its financing and investments in projects of general territorial interest will be aligned with a carbon neutrality objective by 2050.

La Caisse des Dépôts' contribution to the sustainable development policy will increase from €16bn to €20bn over 2018-2020 period.
Olivier Sichel
Deputy Chief Executive Officer of Caisse des Dépôts

For low-carbon territories: €20bn by 2020

To achieve its climate friendly objectives, the Group is focusing on a fair low-carbon transition. Through its financing and investments, it aims to:

  • limit urban sprawl by strengthening the attractiveness of city centres;
  • develop sustainable and affordable mobility;
  • reduce fuel poverty;
  • support regions in transition by ensuring the quality of their jobs.

After providing €11bn in financing for the ecological and energy transition (ECT) in 2018-2019, the Caisse des Dépôts Group, via Banque des Territoires and Bpifrance, is raising its 2018-2020 financing target from €16bn to €18bn. By integrating green financial investments via the Public Institution's Asset Management business line, the target is €20bn by 2020.

100% carbon-free portfolios by 2050

Concerning the decarbonisation of its financial investment portfolios, the Group (Caisse des Dépôts and its subsidiaries Bpifrance and CNP Assurances), which exceeded its targets1 in 2018, will develop high-performance and innovative methodologies to achieve carbon neutrality by 2050, drawing in particular on the UN convened Net Zero Asset Owner Alliance. Read the press release

To this end, the Group has decided to launch an in-depth research work on methodology for 1.5° compatible portfolios. Caisse des Dépôts has already launched a market initiative to develop three funds with a methodology aligned with the Paris Accord. Read the article on the Ambition Climat funds

In addition, Caisse des Dépôts, CNP Assurances and Bpifrance will continue the sustained and ongoing shareholder dialogue that they conduct with the companies in which they hold equity interests, which will be asked to participate in scientific trajectories to decarbonise their activities.

The Group reiterated its commitment to no longer invest in companies whose business exposure to coal exceeds 10% of sales. It now encourages all the companies in which it is a shareholder to aim for near-zero coal-fired power generation before 2030 in OECD member states and before 2050 in the rest of the world. By 2021, no new investments will be made in companies developing new coal-fired power plants.

Comment le Groupe agit-il pour la transition énergétique et écologique ?

On 18 November, CNP Assurances announced new objectives for the EET: doubling its outstandings in green investments, from €10.4bn at the end of 2018 to €20bn by 2023, and to accelerate its coal phase-out policy. Access the press release

On 7 November, Caisse des Dépôts signed the Paris Climate Action Charter. Read the article

 

Learn more about the Climate finance day

 

(1) The target for the 2014-2020 period, - 20% greenhouse gas emissions, was achieved in 2018: the carbon footprint of equity portfolios at Group level was reduced by 45% and that of bond portfolios by 55% for Caisse des Dépôts.