REFILE-French bank SocGen further reduces business with coal industry

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FILE PHOTO: A view shows the logo on the headquarters’s of French bank Societe Generale at the financial and business district of La Defense, west of Paris, France, April 18, 2017. REUTERS/Benoit Tessier

PARIS (Reuters) – French bank Societe Generale said it was further reducing its servicing the coal industry, as financial companies and banks around the world gradually withdraw from fossil fuel industries to protect the environment.

SocGen said it would stop offering financial services and products to client companies whose current activity in thermal coal represents 50% or more of their business.

It would also stop offering services and products to client companies whose current activity in thermal coal represents between 30% and 50% of their business have no strategy to reduce the share to 30% by 2025.

In March, the Cardif insurance division of France’s largest bank BNP Paribas also outlined new targets to reduce its exposure to coal.

In late 2018, AXA – France’s biggest insurer – had said its XL division would stop insuring projects related to the construction of coal-fired power plants and to tar sands extraction and pipelines.

(This story has been refiled to fix typographical error in final paragraph).

Reporting by Sudip Kar-Gupta; Editing by Inti Landauro

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