J.-L. B. 2023 saw a sharp acceleration in the shift of our model towards the financing of low-carbon, mainly renewable, energies. We’re turning the page on fossil fuels and accelerating our transition strategy: we’ve pivoted our energy production financing activities. Today, 65% of our loan portfolio is already made up of low-carbon energies. This share will reach 80% by 2028, two years ahead of our target, and 90% in 2030. Low-carbon energies will then represent nine-tenths of our financing in the energy sector, compared to only one-tenth in 2012. These positive advances illustrate the transformative momentum at work throughout the Group. In addition to this fast pivoting of our energy portfolio, we are reducing the intensity of financed CO2 emissions for new sectors such as aviation, shipping and commercial real estate.
“2023 saw a sharp acceleration in the shift of our model towards the financing of low-carbon, mainly renewable, energies.”
In addition to these actions, we keep in mind that our impact is strongest when we’re playing the role of catalyst and accelerator for the energy transition of our corporate and individual customers. This is why, for the second year in a row, the Group was the world leader in green bond issues(5). We’re stepping up action on this front, alongside our clients from all sectors, to support the immense and essential transformation that the entire economy must make, while doing our utmost to contribute to a just transition.
I would add that the three pillars of our plan are based on an essential asset, our teams, without which none of this progress would be possible. To achieve all the goals of the plan, we’re paying close attention to the development of the skills and potential of each team member, and we attach particular importance to strengthening the commitment of all our teams. In this fast-changing world, we need all our talents, with all their diversity, to build the future in an environment that fosters cohesion and equal opportunities. It’s therefore essential to support and train them, particularly at a time when the massive arrival of AI will change certain professions. It’s just as crucial to attract new profiles to take full advantage of the range of potentials technological innovations offer.
J.-L. B. The strategic course that the Group has set for itself is clear and guides us in a context that is quite uncertain, with many unknowns. Central banks have managed to contain inflation at the expense of tightening their monetary policy. Despite this encouraging sign, inflation remains above the target rate of 2% set by the ECB which decided in early March 2023 to keep its key rates unchanged. High interest rates will therefore continue to weigh on economic momentum, and particularly on loans.
In this context, we remain both vigilant in controlling our costs, and determined to achieve our targets, so that we can use our strengths to build a positive future that puts people, and therefore their environment, at the heart of our priorities. We will build this sustainable future through the strength of the collective we create with all our stakeholders. I am of course thinking of our clients and partners, whom we support in their transition and projects; of our employees, whose commitment and expertise are essential to achieving this; of our shareholders whose loyalty I commend; and of the players in civil society, alongside whom we act through our corporate sponsorship activities and our initiatives to promote the inclusion of the most vulnerable.
INTERVIEW CONDUCTED ON 15 APRIL 2024.
