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Bank For Sustainability Award 2024

Societe Generale, a globally renowned bank, has been honored with the Bank for Sustainability Award by IFR, marking the culmination of years of strategic decisions now bearing fruit.

Of particular interest is the bank's assertion that its strategy rests on three foundational pillars:

  • building,

  • transforming

  • accelerating

A pivotal aspect of the bank's recent transformation was the bold decision to slash its exposure to the upstream oil and gas sector by an impressive 80% by 2030. However, as is customary in such endeavors, this initiative is accompanied by a comprehensive set of targets aimed at crafting a holistic strategy rather than merely achieving a singular outcome. Notably, Societe Generale has committed to reducing greenhouse gas emissions across all three scopes by 70% by 2030.

Yet, the bank's efforts extend beyond mere reduction; they also encompass a strategic shift towards innovative and sustainable sectors. To this end, Societe Generale has established a €1 billion investment fund to support low-carbon enterprises such as renewable energy, carbon capture and storage, and nature-focused solutions.

Such accolades not only underscore noteworthy achievements but also serve as a reminder of the potential for further progress through perseverance and strategic decision-making.

For deeper insights into this award and the rationale behind IFR's selection of Societe Generale, we encourage you to explore the corresponding article here.


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