Societe Generale has announced a new sustainable finance target of €500 billion between 2024 and 2030, following its early achievement of previous goals, including facilitating €300 billion in financing for environmental and social activities from 2020 to 2025. The Paris-based financial services group also surpassed its commitment to reduce upstream oil and gas exposure by 50% from 2019 levels, achieving this in Q2 2024, ahead of its 2025 deadline.

Slawomir Krupa, Chief Executive Officer of Societe Generale, emphasized the bank’s commitment:
“Societe Generale continues to strengthen its contribution to sustainable development in the service of its clients, supported by our culture of innovation, our ESG leadership, and our conviction of the crucial role that a responsible bank can play in the challenges of the environmental transition.”

The new target includes €400 billion in financing and advisory services and €100 billion in sustainable bonds. Approximately 80% of the financing is allocated to environmental activities, with the remaining 20% dedicated to social projects.

The bank, a founding member of the Net Zero Banking Alliance (NZBA), has set 2030 net zero alignment goals for ten high-emissions sectors, including Oil & Gas, Thermal Coal, Power, Cement, and Automotive. Societe Generale aims to direct financial flows toward decarbonizing these sectors, with a focus on low-carbon energy, sustainable real estate, and green mobility.

Krupa highlighted the bank’s progress in fossil fuel exposure reduction and its broader sustainable finance initiatives:
“This year, we have taken new steps in the execution of our strategic roadmap with concrete progress reflected in the progressive reduction of our fossil fuel exposure. We are also continuing to broaden our action by proactively supporting our clients in their own transitions with adapted solutions and an enhanced sustainable finance offering, while supporting the emergence of new players and new technologies. I remain convinced that the transition to a low-carbon and sustainable economy requires collective and coordinated action in which Societe Generale is involved on a daily basis.”

With this new goal, Societe Generale strengthens its leadership in renewable energy financing and expands its ESG solutions to accelerate the transition to a sustainable economy.