France’s major financier, Societe Generale, inched closer to its carbon neutrality plan with the help of purchasing carbon credits from a wind farm in Morocco. The company also purchased carbon offsets from RE and gas recovery projects in Asia and South America helping the bank reduce its carbon emissions per occupant by 20%, well above its targeted 11% (excluding Russian subsidiary Rosbank).
Societe Generale collected environmental data from 99% of its employees under the campaign, and also imposed penalties for subsidiaries that failed to report the data. The subsidiaries were in charge of offsetting their carbon emissions independently to allow each division to implement the best policy for their area. The financier also implemented an internal carbon tax system allowing carbon credits to be purchased.
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