French bank SocGen to further reduce exposure to oil and gas production

PARIS (Reuters) – French bank Societe Generale said in a statement that it planned to further reduce its exposure to the oil and gas production sector and was making good progress on its goal of a complete exit from coal.

The bank said it now aimed to reduce its financial exposure to oil and gas production by 20% by 2025 compared to 2019, from an earlier target of minus 10% by 2025 compared to 2019.

The bank also said it had made “good progress towards achieving a complete exit from the coal sector by 2030 for EU and OECD countries and by 2040 for the rest of the world”.

(Reporting by GV De Clercq; Editing by Sudip Kar-Gupta)