Societe Generale, one of the founding members of a climate-aligned finance framework to support aviation industry decarbonization
The Bank is part of a group of six global lenders committed to developing a climate-aligned finance agreement dedicated to the aviation sector.
Societe Generale announces it is joining the Aviation Climate-Aligned Finance (CAF) Working Group as one of its founding members, along with five other leading lenders of the aviation industry who will work together at defining common standards to foster decarbonization of the sector. The Working Group aims to create a collective climate-aligned finance framework by end of 2022.
Consistent with the UN-convened Net-Zero Banking Alliance (NZBA), the participating financial institutions will annually assess and disclose the degree to which the greenhouse gas emissions from aircraft, airlines and lessors that they finance are in line with 1.5°C climate targets.
The framework will establish common methodologies and goals of their aviation financings, and will help create a level playing field for measuring progress against climate targets. With the CAF framework, financial institutions will be able to further work with their clients to support their transition journey by funding lower-carbon solutions and supporting investments in new technologies.
The aviation CAF framework, based on the experience gained from the Poseidon Principles for maritime shipping and the soon-to-be-launched CAF agreement for steel, is intended to be designed for similar rapid adoption by aviation financiers globally.
Being a founding member of the UNEP-FI Net Zero Banking Alliance, Societe Generale is committed to working with its clients and partners across sectors to align its portfolios on trajectories aimed at global carbon neutrality by 2050. By joining this leading coalition, Societe Generale is reaffirming its long-term commitment to support energy transition and looks forward to supporting its clients in meeting their own reduction emissions targets.
“As a founding member of the Aviation Climate-Aligned Finance Working Group, our ambition is to help define within a short timeframe a clear and transparent pathway consistent with the objectives of the Paris Agreement, for the benefit of all stakeholders involved in the air transportation industry. After the Poseidon Principles for maritime shipping and the Steel initiative, Societe Generale is proud to be part of the driving force to shape the future of a decarbonized aviation industry.” comments Yann Sonnallier, Global Head of Aviation Finance at Societe Generale.
Sophie Dobrzensky +33(0) 1 57 29 19 11 – email@example.com