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# Société Générale targets 80% cut in upstream oil and gas exposure by 2030, plans EUR1 billion transition fund
- URL: https://www.theglobalbanker.com/societe-generale-targets-80-cut-in-upstream-oil-and-gas-exposure-by-2030-plans-eur1-billio/
- Published: 2023-09-18T10:00:00.000Z
- Updated: 2026-09-29T16:27:32.000Z
- Description: The French bank set an intermediate goal of a 50% reduction by 2025 against 2019 levels as part of the 2026 strategic plan unveiled by chief executive Slawomir Krupa.
- Author: TGB Editorial Team
- Tags: ESG, Europe, #archive

Société Générale on 18 September 2023 set a target to reduce its exposure to the upstream oil and gas sector by 80% by 2030 from 2019 levels, as part of the 2026 strategic plan presented at its Capital Markets Day.

The French bank also set an intermediate target of a 50% reduction by 2025\. The new objectives expand on an earlier commitment to a 20% reduction in its exposure to the sector.

#### TRANSITION INVESTMENT FUND

Alongside the exposure targets, Société Générale said it intends to create a EUR1 billion transition investment fund. The fund is to focus on energy transition solutions and on nature-based and impact-based projects that support the United Nations Sustainable Development Goals.

Upstream oil and gas covers exploration and production, the first stage of the oil and gas value chain.

#### PART OF THE 2026 PLAN

The climate commitments formed part of the strategic plan to 2026 presented by Slawomir Krupa, who was appointed chief executive in May 2023\. The plan targets a cost-to-income ratio below 60% and a return on tangible equity of 9% to 10% in 2026, a Common Equity Tier 1 ratio of 13% under Basel IV, and average annual revenue growth of 0% to 2% over 2022-26\. It also includes cost savings of EUR1.7 billion by 2026 compared with 2022 levels.

Environmental campaign group Reclaim Finance, which tracks bank financing of fossil fuels, said on the day that the bank's new management had no new ambitions for financing the energy transition aside from the creation of a EUR1 billion fund, whose objectives it described as vague.