CASE STUDY: Credit Agricole

‘Environment-focussed Services’

Relevant Principle: 2.3 Retail Banking

Opportunity

Consumer studies indicate that consumers are most likely to take action where product offerings are simple and effective. There are only a handful of financial products for consumers which provide an opportunity to reduce carbon emissions, and fewer still that are commercially attractive. Government regulation and customer demand should ensure growth in this sector, presenting significant opportunities for financial institutions.

Action

The introduction of interest-free eco-loans by the French Government in April 2009 has allowed financial institutions operating in France the opportunity to make these types of products accessible to their customers. Credit Agricole is now the leading marketer of these loans. In addition Credit Agricole has introduced a system for scoring photovoltaic-solar projects. This tool enables the bank and clients to finance the sector on secure terms, supporting the efficacy of their eco-loans.

Impact

By the end of March 2010 Credit Agricole had issued 37,000 interest-free eco-loans, worth €606 million. Since 2007, Credit Agricole has also issued 690,000 Energy-Saving Loans worth €812 million and financed €250 million for farmers investing in solar voltaic projects.