Societe Generale has joined the Hydrogen Council, a global CEO-led initiative launched during the 2017 World Economic Forum in Davos bringing together large corporates from the industry, shipping, transport and energy sectors. The 77 member companies worldwide, including financial institutions such as Societe Generale, are convinced that hydrogen has the capacity to accelerate the transition towards green and sustainable energy at both a global and local level. By 2050 low-carbon hydrogen solutions could meet 18% of the world’s energy demands and avoid 6GT* of CO2 emissions, highlighting its potential regarding the energy transition.
Societe Generale has more specifically joined the Investor Group, a newly-created group within the Council that will be responsible for creating new economic models for low-carbon hydrogen solutions to aid their future large-scale commercialisation.
As an active supporter of the energy transition, Societe Generale is confident in low-carbon hydrogen’s potential and wants to contribute to further developing these solutions, in light of our pioneering initiatives in solar and wind energy. Natural Resources and Infrastructure financing is a core franchise of the Bank, which seeks to put its innovation, advisory and structuring capacities at the service of this promising energy.
Olivier Musset, Global Head of the Energy Group for Societe Generale Corporate & Investment Banking
Low-carbon hydrogen is already a reality but the means to finance it on a large-scale are not. We are proud that Societe Generale, an active supporter of energy transition and a leading player in the field of renewable energies for over 10 years, will leverage its expertise to solve this economic question.
Louis-Aynard de Clermont Tonnerre, Head of Power, Utilities & Infrastructure Industry Group for Societe Generale Corporate & Investment Banking
Societe Generale is a recognised and active supporter of energy transition which has, for many years, been committed to leveraging its expertise to create a climate change-resilient society with low carbon emissions. As such, the Bank was a founding signatory of the Principles for Responsible Banking and has already met 96%** of its target to raise EUR 100 billion for the energy transition between 2016 and 2020.
Societe Generale has been ranked 1st bank worldwide on the environmental dimension and 6th bank in Europe for all CSR criteria (RobecoSAM 2019).
* Hydrogen Council Scaling Up Report, 2017
** At the end of September 2019
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Note to editors:
Societe Generale’s commitments and achievements in supporting the energy transition
Press Release - Societe Generale accelerates its commitments in favour of a responsible ecological transition – 28/11/2019
Press Release – Societe Generale intensifies its action in the construction of a sustainable and climate-resilient future – 23/09/2019
Press Release - Societe Generale signs Poseidon Principles promoting shipping industry decarbonisation – 18/06/2019
Press Release – Societe Generale continues to expand its "Sustainable and Positive Impact Finance" offering - 05/06/2019
Press Release - Societe Generale further reduces its involvement in coal – 23/05/2019
Press Release - Societe Generale's commitments and achievements in the fight against global warming – 28/11/2018
Press Release – Societe Generale launches a “Sustainable and Positive Impact Finance” offering within the global banking & investor solutions’ activities – 13/11/2017