Environmental efficiency rewarded at Societe Generale

Societe Generale, which since 2007 has embarked on a proactive process of reducing its CO2 emissions, was one of the first banks to introduce an internal carbon tax.

Each year, an amount is levied from business units based on their carbon emissions (EUR 10/tCO2eq), and the sum collected is used to finance internal environmental efficiency initiatives. It is a unique, incentive-based and virtuous internal redistribution mechanism.

By the end of 2013, a total of 28 internal environmental efficiency initiatives received funding, amounting to EUR 2.6 million in all. The initiatives pertain to real estate, IT, transportation and paper, and together they resulted in a reduction of 2,574 tonnes of CO2, or nearly 1% of the Group's greenhouse gas emissions. All these energy reductions have led to recurring annual savings of EUR 2.5 million.

Following the success of the 2013 campaign, a new budget of EUR 3.2 million will be allocated in 2014 to internal initiatives. Since it became carbon neutral in 2012 the Group has expanded its ambitions through a new, three-year carbon reduction plan. Under this plan greenhouse gas emissions would be reduced by 26% to 1.91 tonnes of CO2 per occupant per year, and energy consumption per occupant would be reduced by 24% (compared to 2007), all by 2015.