Coal policy

Aware of the critical role played by the oil, gas, and thermal coal industries in the decarbonization of the economy-and in line with the Net Zero Emissions scenario of the International Energy Agency-Groupama has, since 2018, placed strict limits on financing actors within these sectors.

In response to growing calls to strengthen fossil fuel-related commitments, Groupama has, in recent years, reinforced its policy on the oil and gas industry and tightened its criteria for thermal coal.

More specifically, the Group has made the following key commitments:

• Complete phase-out of thermal coal from investment portfolios by 2030 in EU and OECD countries, and by 2040 in the rest of the world
• End of all new direct investments in companies involved in developing new conventional or unconventional oil and gas projects
• Strengthening of the Group’s thermal coal exit policy, with successive tightening measures in 2023 and again in 2025:

2025 updates: lowered financial and production thresholds

• Revenue threshold reduced from 20% to 10%
• Energy production mix threshold reduced from 20% to 10%

2023 updates: reduced absolute thresholds on annual production and installed capacity

• Production threshold reduced from 20 million tonnes to 10 million tonnes
• Installed capacity threshold reduced from 10GW to 5GW