(Dreamstime)
Maitane Sardon/WSJ
PARIS
EnergiesNet.com 02 21 2022
CNP Assurances will stop funding new oil-and-gas projects as part of its goal to phase out financing carbon dioxide emissions by 2050.
On Thursday, the French insurer said it was strengthening its policy on fossil fuels with new commitments, including a plan to stop financing new oil-and-gas projects or investing in the companies planning to do so.
CNP, however, said it would still invest in subsidiaries of energy companies working to develop renewable energy and issuing green bonds to finance their transition.
The company added that it will ask the companies in its portfolio to stop any new oil or gas projects immediately. Going forward, it will make public its holdings in the fossil fuel sector annually, it said.
“To achieve the objectives of the Paris Agreement, it is necessary to gradually reduce the use of fossil fuels… We call on governments to put an end to fossil fuel subsidies and to extend the carbon market to the different sectors of the economy,” CNP’s group investment director Olivier Guigne said.
Maitane Sardon at maitane.sardon@wsj.com
wsj.com 02 17 2022
