Crédit Agricole Assurances presents its 2025 social project without convincing Reclaim Finance. LONG points the finger at the absence of an oil and gas policy from the bank-insurer, which relies on a position of support in the energy transition.
Crédit Agricole Assurances brought the press together on April 28 to present its societal project for 2025. The three-dimensional plan – on climate, inclusion and agricultural and agri-food transitions – is anchored in the plans of the group and confirms the initiatives taken by the bank-insurer at the end of 2021.
Crédit Agricole Assurances wishes to emphasize prevention. It will rely in particular on partner banks, ie 34 Regional Banks and LCL, but also on the development of new systems such as an application dedicated to health, SMS weather alerts and preventive driving courses.
Inclusive insurance, target 200,000 customers
At the same time, the bank-insurer wishes to increase inclusive coverage with, in particular, the launch of an entry-level multi-risk home offer from 2023. The price of damage insurance has an upward trend, which is why it is important to be present in order to allow everyone to be well insured at suitable rates, but with coverage that is still protective. “argues Guillaume Oreckin, CEO of Pacifica.
Crédit Agricole Assurances announced last December the launch of a self-inclusive offer without eligibility criteria for young people. The latter should make it possible to fight against car non-insurance. ” Automobile non-insurance is a scourge we face. It is necessary to engage against this adds Guillaume Oreckin. The objective is to reach 200,000 customers covered by 2025.
Can do better according to Reclaim Finance
For offers already marketed, the insurer wishes to integrate carbon neutrality. To do this, Crédit Agricole Assurances intends to join the Net-Zero Insurance (NZIA) alliance. It plans to use the methodology advised by the union and expand its “ CSR reference – which already applies to its property and casualty business – agriculture and life business. ” To be consistent, it is not enough to join the Net Zero alliances, Crédit Agricole must also provide itself with the means commensurate with its ambition. One month before its General Meeting, the Crédit Agricole Group must introduce a policy aimed at stopping new loans and new investments to companies that do not quickly give up developing new oil and gas production projects, as it has been able to do. on coal », comments a spokesperson for the whistleblower Reclaim Finance.
The 2nd insurer of the French farm
With regard to farmers, the group’s historical clientele, the insurer undertakes to support the ” sustainability of farms and agricultural activities in relation to climate change “. The objective is to support 1 in 4 farmers in the face of climatic hazards by 2025. As a result, CA Assurances will offer young farmers a reduction in insurance contributions. Thus, it attempts to promote the coverage of agricultural and climatic risks in a market about to be reformed. Consequently and to meet future demand, the bank-insurer will double the number of agricultural multi-risk products covering renewable energy installations before 2025.
With more than €320 billion in assets under management, Crédit Agricole Assurances has a striking force on the financial markets. In order to manage its investments towards a so-called cause “sustainable”the group intends to develop its commitment to renewable energies in order to reach 14GW in 2025. In other words, the insurer wishes to be at the origin of more responsible energy production for the equivalent of the average consumption in electricity for more than 5 million French households.
As a result, the insurer intends to achieve its ends through acquisitions, such as the one announced in December 2021, revealing the acquisition of 49% of Edison Renewables. The platform brings together the wind and solar activities of the Italian group Edison, a subsidiary of EDF. But also the acquisition alongside Engie – a partner of the green insurer – of the solar and wind energy group Eolia Renovables.
The group has finally renewed its commitment to coal. Indeed, no investment will be made directly in a coal developer. For the NGO Reclaim Finance, the social plan does not convince. ” Despite speeches and participation in Net Zero alliances, action does not follow. While the International Energy Agency in its Net Zero report draws the end of fossil fuel expansion as a red line to limit global warming to +1.5°C, Crédit Agricole Assurances has to date no oil and gas policy and can thus invest in companies which, far from being in transition, increase their production and develop new oil and gas fields, including in sectors which concentrate the most environmental risks such as drilling in Arctic or shale oil and gas », Specifies a spokesperson for the NGO.