25 signatures reached
To: Société Générale CEO
No more coal support by Societe Generale !
Societe Generale must divest from fossil fuels, starting by divesting from coal and by immediately ending its support to the Alpha Coal mining project in Australia.
Why is this important?
Whilst international climate negotiations stagnate, CO2 emissions continue to rise dramatically. The burning and use of coal as an energy source is the biggest contributor to human induced climate change. The International Energy Agency has consistently warned that almost two thirds of the planet fossil fuels reserves should stay in the ground.
Investments in coal and fossil fuels contribute to the “carbon bubble effect”: research shows that fossil fuel companies’ raw materials reserves contain about five times more CO2 than the levels of permitted emissions in the atmosphere if global temperature rise is to be limited to 2°C.
This is why a movement is coming together to demand that public and private financial institutions should divest from fossil fuel projects and companies. Wilst some banks - including the World Bank, the European Investment Bank and the European Bank for Reconstruction and Development - have publicly stated they will reduce their investments in coal, it is time for private banks such as Societe Generale to make this pledge.
Societe Generale is one of the top 20 climate killer banks supporting the most the coal industry. The French bank has provided more than 3,755 million euros for coal-fired projects and companies from 2005 to mid 2011, and another 1,927 million euros for coal mining from 2005 to mid 2013.
In a recent report, Société Générale was also identified as having a "high" exposure to high carbon loans with 15 billion euros of high carbon corporate loans outstanding as of December 31 2012. The bank could suffer a loss of 0,7% of its total assets on trading and corporate lending assets. Société Générale is then part of individual institutions which are at risk and contribute to the vulnerability of the French financial system.
Whilst Societe Generale publicly encourages energy efficiency, renewable energy and environmental projects, the bank actively contradicts itself through direct involvement in the development of new coal mines, the construction of power plants, and in the financing of coal companies globally.
The bank is present in Australia, one of the critical coal mining hot spots, with 507 million euros of financing to coal mines and power plants since 2008. And now Societe Generale is providing advisory service for the Alpha Coal project, a huge coal mine in Australia that would contribute to emit 1,8 billion tonnes of CO2 over a 30-year lifespan. The project is supposed to reach financial close by the end of this year. After a first week of action last November, a new international day of action is organized this Saturday March 15th.
This is why we need to act now:
Joining with Les Amis de la Terre, we urge you to sign this petition to Societe Generale to call the bank to divest from fossil fuels, starting by divesting from coal and by immediately ending its support to the Alpha Coal mining project in Australia.
Go Fossil Free!
Bankrolling Climate Change report : http://www.banktrack.org/show/pages/bankrolling_climate_change_report
Banking on Coal report : http://www.banktrack.org/show/pages/banking_on_coal_report
The Price of Doing Too Little Too Late: The impact of the carbon bubble on the EU financial system: http://www.enewspf.com/latest-news/science/science-a-environmental/50733-two-new-reports-one-conclusion-pressing-need-to-divest-from-fossil-fuels.html