Major French banks continued their trend of reducing fossil fuel financing in 2025. According to the annual report published by the NGO Reclaim Finance and reviewed by franceinfo and France Inter, the combined investments of BNP Paribas, Crédit Agricole, Groupe BPCE, and Société Générale in the sector fell from $18 billion in 2024 to $16 billion in 2025. This decrease reflects a gradual shift in banking strategies regarding climate challenges, even though the amounts committed remain particularly high.
Despite this decrease, France remains the sixth-largest consumer of fossil fuels in the world. Environmental organizations point out that the banking sector continues to play a major role in supporting oil and gas infrastructure, even as scientists warn of the urgent need to reduce hydrocarbon production to meet international climate goals.
Société Générale is an exception.
Within the French banking landscape, Société Générale stands out from other institutions. According to data compiled by Reclaim Finance, the bank alone accounts for more than half of French financing allocated to fossil fuels in 2025, with $9,4 billion invested. The report notably highlights a significant increase in its support for oil and gas transportation infrastructure as well as gas-fired power plants.
The NGO also highlights the major role played by the bank with TotalEnergies, of which it remains one of the main financial partners. The report's authors believe that some of the projects supported remain incompatible with the greenhouse gas emission reduction trajectories necessary to limit global warming to 1,5°C.
Other banking groups are declining
Conversely, BNP Paribas, Crédit Agricole, and Groupe BPCE continued their efforts to reduce fossil fuel financing. In 2025, BNP Paribas allocated $3,93 billion to this sector, while Crédit Agricole and Groupe BPCE financed $5,61 billion and $5,62 billion respectively in hydrocarbon-related projects.
A significant portion of this funding is allocated to transport infrastructure, particularly oil and gas pipelines and export terminals. This infrastructure is now a major concern for environmental NGOs, who believe it will lock in global dependence on fossil fuels for decades to come.
Banks defending their climate strategy
In response to criticism, Société Générale points out that its exposure to fossil fuels has been steadily decreasing for several years. In a statement to France Inter, the bank asserts that the figures presented by Reclaim Finance do not fully reflect the reduction trajectory initiated in 2019. The bank also emphasizes its position as one of the world's leading financiers of renewable energy projects.
The institution assures that it is meeting its objective of reducing its financing to the oil and gas sectors by 80% by 2030. French banks more broadly emphasize their desire to support the energy transition while continuing to finance certain sectors deemed strategic for the global economy.
A global trend that remains worrying
While the situation in France shows some signs of improvement, the picture remains more concerning internationally. According to Reclaim Finance, the world's 65 largest banks increased their fossil fuel financing by 8% in 2025 compared to the previous year. In total, nearly $906 billion was injected into the oil, gas, and coal industry.
More than half of these funds went to companies developing new exploration or extraction projects. Environmental NGOs argue that this trend remains incompatible with the commitments made under the Paris Agreement and risks undermining global efforts to combat climate change.
A debate that remains at the heart of the energy transition
The publication of this report has reignited the debate on the role of the financial sector in the ecological transition. Environmental groups believe that the decline observed in France demonstrates that reducing fossil fuel financing is possible. However, they maintain that the current pace remains insufficient given the climate emergency.
Banks, for their part, point out that transforming the global energy system requires massive and gradual investments to guarantee security of supply while developing low-carbon energy sources. Between economic imperatives, energy security, and climate objectives, the financing of fossil fuels remains one of the most sensitive issues in global finance.
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