Natixis to cease financing coal industries worldwide
Natixis has committed itself to end its financing of coal-fired power plants and thermal coal mines worldwide, in the current state of technological progress. Natixis has also decided to no longer accept new advisory or arrangement mandates linked to financings of this type. Lastly, Natixis will not finance companies whose business is over 50%-reliant on operating coal-fired power plants or thermal coal mines.
Ending financing for the thermal coal-based economy marks a major stage in Natixis’ engagement in favor of energy transition and is underpinned by:
- The decision to reinforce the Bank’s central role in the financing of renewable energy, which already accounts for 60% of its portfolio of electricity production financings.
- The desire to support the Bank’s clients in their energy transition and their commitments made with respect to their own activities.
- The vital recognition of the multiple risks associated with the coal industry, these being not just environmental, but economic and regulatory as well.
For Laurent Mignon, Natixis Chief Executive Officer, “Financial institutions have a responsibility to increase the efforts made so far to develop renewable energy sources around the world. Natixis is fully in tune with this movement and wishes to mark a new stage in its commitment to protect the environment by ending financing for the coal industry.”
This decision follows Natixis’ commitment not to participate in the financing of projects employing the “mountain top removal” technique, one of the most aggressive methods of mining coal, in the Appalachian Mountains in the eastern United States.
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About Groupe BPCE
Groupe BPCE is the second-largest banking group in France. Through its 100,000 staff, the group serves 35 million customers – individuals, professionals, companies, investors and local government bodies – around the world. It operates in the retail banking and insurance fields in France via its two major networks, Banque Populaire and Caisse d’Epargne, along with Banque Palatine and Oney. It also pursues its activities worldwide with the asset & wealth management services provided by Natixis Investment Managers and the wholesale banking expertise of Natixis Corporate & Investment Banking. The Group's financial strength is recognized by four credit rating agencies with the following senior preferred LT ratings: Moody's (A1, stable outlook), Standard & Poor's (A, stable outlook), Fitch (AA-, negative outlook) and R&I (A+, stable outlook).
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