Societe Generale Sets New Selection Criteria for Financing Based on Coal-Exit Strategies

   By Giulia Petroni

Societe Generale SA said Wednesday that it would reinforce its selection criteria for financing companies based on the credibility of their commitments to shift away from coal.

The French bank said it would no longer offer most of its products and services to companies that generate more than 25% of their revenues in the thermal coal sector, that don't have a credible strategy to exit the sector or that are developing new projects related to coal. However, it will offer these companies products and services dedicated to energy transition.

Details of the new policy will be published this month, according to Societe Generale.

Write to Giulia Petroni at giulia.petroni@wsj.com

(END) Dow Jones Newswires

July 01, 2020 13:03 ET (17:03 GMT)

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