CORPORATE AND SOCIAL RESPONSIBILITY …To respect the environment The Group is making a concrete contribution to the fight against climate change. Its environmental policy took a further step forward in 2015 by reinforcing its long-standing commitments. Consistent with the progress achieved through COP 21, the Group’s climate policy is in line with the 2°C target for global warming. In a major commitment announced prior to the international climate summit in Paris, Societe Generale will double its financing for renewable energy projects by 2020. With this new objective of €10 billion in funding, the Group reaffirms its position as a key global player in financing the energy transition. At the same time, the Group will reduce the carbon footprint of its activities by ending its financing of mines and thermal power plants in high-income OECD countries. It will also contribute to the fight against deforestation through its adoption of the Soft Commodities Compact, which mobilises the banking industry to help transform agricultural commodity supply chains. Concerning its own carbon footprint, after becoming one of the first banks to introduce an internal carbon tax in 2011, Societe Generale has committed to reducing its emissions by a further 20% from 2014 levels by 2020. Financed by the carbon tax, which is paid by every entity, an average of €3.1 million will be allocated annually to environmental efficiency initiatives. …To develop responsible finance Societe Generale is one of the pioneering banks behind Positive Impact Finance: financing that has a demonstrable positive impact on the economy, society or environment and ensures the potential negative impacts have been identified and properly managed. Strengthening its commitments in this area, Societe Generale was one of the initiators behind the “Positive Impact Manifesto”, signed by 10 major European banks in October 2015 within the framework of the United Nations Environment Programme Finance Initiative (UNEP FI). The aim is to facilitate the transition to a greener and more inclusive economy by developing new financing solutions on the financial markets. In this light, Societe Generale successfully launched the first-ever positive impact bond: a fixed-rate five-year issue of €500 million. The funds raised are allocated exclusively to projects that contribute to the fight against climate change. In total, 27 projects (14 in Europe, 12 in the Americas and one in Asia, all targeting renewable energy and public transport) were selected on the basis of strict environmental and social criteria. …To support vulnerable customers Financial inclusion provides individuals in financial difficulty with the normal use of a bank account and secure payment methods as well as caps on incidental fees. A support scheme for vulnerable customers is in place across the full network of retail banking branches in France. Run by specialised advisors who temporarily take over the customer relationship from the branch, they work together with the vulnerable customers to find solutions for the gradual settling of unpaid debt. 10 | LETTER TO SHAREHOLDERS_JUNE 2016 67% of customers supported by this scheme have been able to return to a sound financial footing. Societe Generale also assists individuals with excessive or poorly structured debt, in partnership with the Crésus non-profit network. This partnership has launched a financial education programme that sees the Bank’s employees offering their expertise within a skills-based sponsorship programme. Taking the long view… Funding projects to combat climate change: Deepwater Wind SG CIB, Societe Generale’s corporate and investment banking arm, was the sole underwriter and lead arranger in raising $298 million for the construction of Block Island Wind Farm, the first offshore wind farm in the United States. “Societe Generale’s financial commitment was crucial to advancing this pathbreaking project. The Block Island Wind Farm is ushering in a new era for renewable energy in the United States.” Jeffrey Grybowski, CEO of Deepwater Wind
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