Societe Generale Assurances strenghtens its commitment to positive finance
Societe Generale Assurances strengthens its commitment to responsible finance and announces new targets in line with the Paris Agreement :
- Reducing its overall exposure to the oil and gas exploration and production sector by 20% between 2020 and 2025 ;
- Strengthening its sectoral exclusion policy in the context of the gradual withdrawal from the thermal coal sector.
Philippe Perret, Directeur général de Société Générale Assurances, déclare : « En gérant de façon responsable nos actifs financiers, nous agissons concrètement en faveur de l’environnement, du climat, et de manière plus générale au profit de la société civile. Dans un monde où l’investissement peut avoir un réel impact, nous partageons, chez Société Générale Assurances, une vision ambitieuse de l’investissement durable comme puissant levier de transformation.»
Oil and gas : reducing its overall exposure to the oil and gas exploration and production sector
In 2021, as part of the Societe Generale Group's climate strategy, Societe Generale Assurances has made strong commitments, notably by joining the Net-Zero Asset Owner Alliance and committing to achieve carbon neutrality in its investment portfolio by 2050.
In 2022, Societe Generale Assurances is setting new, more demanding targets and committing to reduce its overall exposure to the oil and gas exploration and production sector by 20% between 2020 and 2025.
Furthermore, Societe Generale Assurances already excludes from its direct investments companies whose revenues are linked to the exploration and production of non-conventional oil and gas (oil sands, oil or gas produced in the Arctic, drilling in very deep waters, shale oil or gas :
- for more than 10% of existing investments;
- more than 5% for new investments.
Thermal coal : strenghtening its ecxlusion policy
Societe Generale Assurances is committed to a complete exit from the thermal coal sector by 2030 for EU and OECD countries and 2040 for the rest of the world.
As part of this phasing out, Societe Generale Assurances is excluding from its investments :
- Developers of new coal-fired projects,
- issuers with revenues from thermal coal mining activities,
- energy producers whose energy mix is more than 30% thermal coal related,
- Power producers that have not made a public commitment to exit thermal coal by 2030 (EU/OECD) or 2040 (rest of the world).