Crédit Agricole joins RE100 with goal to go ‘100% renewable’ this year

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7 April 2016

LONDONCrédit Agricole Group, is the latest big name to demonstrate climate leadership by joining RE100 and committing to 100% renewable power. Convened by The Climate Group in partnership with CDPRE100 is an ambitious global initiative to engage, support and showcase influential companies towards such ambitious goal. 

Crédit Agricole Group, which offers a wide range of services including day-to-day banking, real estate and corporate and investment banking, intends to source 100% renewable electricity for its global operations by the end of 2016.

At the end of 2015, the Group negotiated a new renewable electricity tariff from EDF to power its administrative facilities, data centers and branch offices for which it retained Renewable Energy Guarantees of Origin – mainly hydropower.

The move instantly allowed the Group to source 92% of its total electricity from renewables and will enable Crédit Agricole to reach 100% renewable electricity later this year. It is also expected to save at least 6,500 tonnes of CO2 per year and save around €9 million over the next three years.

Stanislas Pottier, Head of Sustainable Development at Crédit Agricole S.A., said: “We recognize that we have a leading role to play in the transition to a low carbon economy. Switching to 100% renewable electricity and joining RE100 demonstrates our commitment to working alongside other world leading companies to achieve this common goal. By renegotiating our contracts with EDF, we expect to save thousands of tonnes of CO2 and millions of Euros – a win-win for the environment and our balance sheets.”

The company’s leadership was praised by RE100 Campaign Director Emily Farnworth: “Crédit Agricole was already setting an example to the banking sector by sourcing the most part of its electricity through renewables – now it is going one step further. Today’s move demonstrates bold business leadership and will help to deliver a low carbon economy.”

by Marie Reynolds

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