Green Finance**
Société Générale increases its support to the green economy
Global investment in the renewable energy sector increased to USD243 billion in 2010, from USD186.5 billion in 2009 and USD180.1 billion in 2008, according to a Bloomberg New Energy Finance study. Whilst a recent UNEPFI report on the Green Economy estimated that USD 1.3 trillion a year of global investment are needed for a global green economy transformation, including USD360 billion a year for greening of energy supply. Through the Europe 2020 Strategy program, the European Union also has set a number of ambitious initiatives for resource efficiency with development of renewable energies and a reduction of greenhouses gases.
Therefore, a considerable amount of investment will be needed and Société Générale is playing its part in helping society address global challenges such as climate change, by creating financial solutions across our businesses. This includes supporting our clients investing in renewable energies and reducing greenhouse gas emissions. In 2010, Société Générale strengthened its support to the renewable energy sector, by increasing new credit facilities by more than 140%. Recent deals, which included the China WindPower project in Gansu, China and Falck Renewables are evidence of our growing support to this sector.
The Group granted 2.8 billion EUR* in new green loans during 2010
Under the banner of ‘green loans’, Société Générale has financed renewable energies (including wind, solar, thermal or photovoltaic, geothermal, hydro-electrics, biomass energy), cogeneration and Biofuels, as well as all aspects of recycling and the processing of waste, smoke and fumes. Société Générale is aware that some of these areas can be of increased sensitivity and that not all society places the same values on their use. One such example is the financing of the nuclear sector, although contributing to the fight against greenhouse gases; it is not included under the heading of green loans.
A diversified approach to providing a comprehensive solution
Société Générale offers a broad range of financial services for businesses in France and abroad, such as access to the capital markets, leasing, project financing, export loans, and advisory services; and either takes a direct stake in projects or provides its expertise in assisting clients with the development of their plans.
Société Générale activities cover a full gamut of target sectors (renewable energies, waste treatment and public transport, often in the form of private/public sector deals).
* verified by Ernst & Young** In line with our Global Compact commitments
