Société Générale wants to reduce its exposure to hydrocarbon production by 50% by 2025

The Société Générale bank announced Monday, ahead of a strategic presentation to investors in London by its new general director Slawomir Krupa, that it would reduce its exposure to the oil and gas production sector by 50% compared to 2019. gas by 2025, compared to 20% previously. “We will accelerate the decarbonization of our activities” and play “a leading role in the energy, environmental and social transition,” said Slawomir Krupa in a press release.

The document also specifies a 2030 objective of -80%, still compared to 2019, as well as the cessation of the offer of financial products and services dedicated to projects for new oil and gas production fields on January 1, 2024. Until now, the group's ambitions consisted of a 20% reduction in terms of outstanding exposure to the oil production sector by 2025 compared to 2019. Banks are very often singled out by NGOs for their participation, via the financing of large groups and new oil projects, in climate change.

Société Générale also announced on Monday the launch of an investment fund dedicated to the transition with one billion euros in order to “accelerate the development of energy transition solutions and projects based on nature and impact” , according to the press release. It also shares new financial, profitability, operational efficiency and dividend distribution objectives.

The new boss Slawomir Krupa has made an appointment with the market: he will present these different points at 8 a.m. GMT in London to investors in order to revive their interest in the bank, in search of a new lease of life. Four months after taking the reins of the banking group, Slawomir Krupa made this morning of presentation and discussions - an hour and a half is reserved for questions from the floor - his first public highlight.