French bank Societe Generale said in a statement that it planned to further reduce its exposure to the oil and gas production sector and was making good progress on its goal of a complete exit from coal.
The logo of Societe Generale Private Banking is seen at an office building in Zurich, Switzerland March 25, 2022. REUTERS/Arnd Wiegmannsaid in a statement that it planned to further reduce its exposure to the oil and gas production sector and was making good progress on its goal of a complete exit from coal.
The bank said it now aimed to reduce its financial exposure to oil and gas production by 20% by 2025 compared to 2019, from an earlier target of minus 10% by 2025 compared to 2019. The bank also said it had made "good progress towards achieving a complete exit from the coal sector by 2030 for EU and OECD countries and by 2040 for the rest of the world".Reporting by GV De Clercq; Editing by Sudip Kar-Gupta
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