Carbon Neutrality Plan

Objectives

  • Lead the Group towards carbon neutrality.
  • Reduce the Group’s CO2 emissions per occupant by 11% between 2008-2012.
  • Gradually broaden the reach of the Group’s measures to offset its CO2 emissions.
  • Continue to optimise and reduce the consumption of natural resources.

Priorities for 2011

  • Improve and complete the collection of environmental data (quantity and quality).
  • Pursue and enhance existing measures to reduce the Group’s yearly CO2 emissions.
  • Oversee the Carbon Plans of each business line.
  • Offset the Group’s CO2 emissions in 2010 for the whole of France and the 10 largest subsidiaries overseas.

Highlights in 2010

  • 7.2% reduction in CO2 emissions per occupant between 2009 and 2010 (14.2% on 2007): currently estimated at 1.99 tons per occupant, the Group has already exceeded its target cut in CO2 emissions for 2012.
  • 97% of staff covered by the campaign to collect environmental data (excluding Rosbank).
In approving its Carbon Neutrality Plan in 2007, Societe Generale committed to reducing the level of CO2 emissions per occupant by 11% on 2007 between now and 2012 (same number of occupants), and to offsetting its residual emissions.
Progressively set in place over the last 3 years, there are 3 key aspects to the Group plan:
  • Gradual increase in the scope of the Group’s measures to offset its CO2 emissions: emissions from the Group's corporate buildings were offset in 2008 and emissions linked to its activities in France were offset in 2009. In 2011, the Group plans to offset 65% of its CO2 emissions for 2010. From 2012 onwards, all Group entities and activities worldwide will be taken into consideration.
  • Any division or entity can decide to exceed the targets set by the Group much like SGBT & EuroVL Luxembourg which have been offsetting their emissions since 2008 and will continue to do so throughout 2011. Similarly, ADL UK also offset its 2009 emissions in 2010 at its own initiative.
  • As a show of its commitment, the cost of the first year of the voluntary offsetting of carbon emissions was covered by the Group. Since 2009, each business line is required to cover their own costs which are invoiced internally to encourage them to adopt a responsible approach, with the Group only covering the costs of its corporate departments. From 2011 onwards, the Group’s major entities in France and abroad will be required to purchase their own CO2 credits which will encourage them to reduce their CO2 emissions in order to limit the impact on their budgets and expenditure.
Table 1 shows the trend in CO2 indicators in both absolute and relative value terms in relation to the target reductions per year set in 2007 (constant scope).
Table 1: Target reduction in carbon and change within Societe Generale Group (constant scope)
Data collected during the 2010 environmental reporting campaign reveals a significant reduction in CO2 emissions per occupant across the Group: -7.2% on 2009 and -14.2 % on reference year 2007. As such, the target set in 2007 was already met at the end of 2010. The task now is to secure these results, particularly when it comes to figures for IT products and services which are partly estimates.
Moreover, as well as extending its scope for offsetting CO2 emissions, Societe Generale Group is committed to keeping its impact on the environment to a strict minimum, notably through the increasing use of renewable energy.