Crédit Agricole said it won’t finance any new fossil fuel extraction projects and that it aims to be carbon neutral by 2050, a day after governments at the United Nations COP28 climate conference agreed for the first time to transition away from coal, oil and natural gas.

The French lender said on 14 December that it expects to increase its exposure to low-carbon energy by 80% through 2025 to a total of €13.3bn.