CNP Assurances has strengthened its framework for investment in fossil fuels by making four commitments.

Firstly, it said it is ending immediately the financing of any new oil or fossil gas exploration or production project, and any new direct investment in a company in the sector as long as it develops new oil or fossil gas exploration or production projects. Every year, CNP Assurances will publish the amount invested directly or indirectly in the oil and gas sector.

Secondly, CNP Assurances said it will continue to play its role as a demanding shareholder vis-a-vis companies in the sector, by asking them to immediately stop any new oil or fossil gas exploration or production project.

Thirdly, it plans to continue to play its role as a demanding shareholder by asking GRTgaz to support the sectors involving renewable gas resulting from the fermentation of waste or biomass, and green hydrogen produced from renewable energy, the growth of which will require the development of adapted transport infrastructure and continue efforts to reduce methane leaks on its pipeline network to achieve a target close to net-zero methane emissions.

Lastly, it said it will engage with governments, particularly as a member of Net-Zero Asset Owner Alliance, to ask them to end fossil fuel subsidies; implement public policies to gradually reduce demand for fossil fuels from companies and households; and expand the carbon market across different sectors of the economy.

CNP Assurances group chief investment officer Olivier Guigné said: “In order to act on the demand for fossil energy, we call on governments to end fossil fuel subsidies and extend the carbon market across different sectors of the economy."

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