Since the launch of its carbon neutral programme in 2007, the Group has been constantly improving its environmental approach. As such, in 2011, Societe Generale was one of the first banks to implement the internal carbon tax, charged to the Group’s business lines and support functions, in order to fund the purchase of ‘carbon credits’. Today, this mechanism serves as a reference for other major international groups.
In 2012, it was decided that the sums collected would be wholly dedicated to initiatives aimed at improving the energy efficiency of Societe Generale’s entities and business lines, thereby adopting an innovative and motivating system. In 2017, Societe Generale decided to accelerate its 2014-2020 carbon reduction programme, and therefore strengthened its objective to reduce its carbon footprint by cutting its CO2 emissions per employee by 25% by 2020.
The Internal Carbon Tax and The Environmental Efficiency Awards
This desire to reduce emissions is accompanied by innovative initiatives such as the Internal Carbon Tax applied to all entities based on their carbon footprint, which finances internal programme for environmental efficiency. At the sixth award ceremony for the “Environmental Efficiency Awards” , Societe Generale celebrated the gathering momentum behind its Internal Carbon Tax system, which is used as a benchmark reference for other large corporate groups.
Established in 2007, this programme has expanded over the years and relies on an innovative dual-incentive scheme. Each year, a carbon tax is collected from Group entities based on their emissions and then is redistributed to reward the best internal environmental efficiency initiatives by means of a contest.
Over the last six years, this system has had remarkable success: generating €126 million in savings, avoiding more than 56,000 tons of CO2 and saving 298 GWh of energy. The growing participation of our staff, the emergence of new initiatives and the environmental benefits are all evidence that responsible actions are an opportunity to create value, innovate and generate savings.
Some winning projects
Societe Generale Ghana solar plant initiative
19,564 kWh/year
54,481 kg/year of CO2 avoided
Annual savings: € 117,391
Installation of the first solar-powered ATM in Senegal
Environmental goal
- To reduce inverters’ energy consumption
- To reduce thermal losses
Other positive impact
- Improvement to the Societe Generale Group's image
- Self-sufficiency in energy allowing more stable functioning of the machine
Application coaching Eco-Driving
21,029 l/year of fuel
50,301 kg/year of CO2 avoided
Annual savings: € 31,544
Implementation of a fun, digital eco-driving training app
Environmental goal
- A box connected to the vehicle measures fuel consumption and assesses the driving style
- Personalised eco-driving tips are communicated to the smartphone and via email
- To reduce fuel consumption, CO2 emissions and pollutants (NOx, fine particles, etc.)
Other positive impact
- Innovative solution marketable to customers
- Offsetting of CO2 emissions
- Reduced fuel cost
Solar ATM in Senegal
9,081 kWh/year
5,367 kg/year of CO2 avoided
Annual savings: € 4,579
Installation of the first solar-powered ATM in Senegal
Environmental goal
- To reduce inverters’ energy consumption
- To reduce thermal losses
Other positive impact
- Improvement to the Societe Generale Group's image
- Self-sufficiency in energy allowing more stable functioning of the machine
For more information
The environmental policy of the Group has two goals: to reduce the environmental impact of its activities and to promote a rational, optimized use of natural resources and energy.
Societe Generale made stringent commitments to align its activities by 2020 with the International Energy Agency's (IEA) trajectory to limit global warming to 2°C.
