Société Générale and Crédit Mutuel withdraw from tobacco

Société Générale and Crédit Mutuel Alliance Fédérale have successively announced their withdrawal from the tobacco sector due to the multiple damages that this industry causes. Tobacco is the subject of a sectoral exclusion of a persistent number of players, testifying to a process of denormalization of the industry in the economic and financial world.

Société Générale excludes the production of tobacco and tobacco products

The Société Générale Group first announced that it would no longer provide new banking and financial products and services to companies whose revenues come from tobacco products for more than 25%. This decision, immediately implemented, is justified by the group in light of the environmental and societal risks it poses, and in particular the health and safety of people, poor working conditions (child labor, green tobacco disease, livelihoods), pollution, loss of biodiversity and deforestation linked to production, or the negative impacts on local communities. The terms of exclusion from the tobacco sector were defined by Société Générale based on the World Health Organization Framework Convention on Tobacco Control (FCTC), but also in light of the Voluntary Principles on Security and Human Rights, as well as the United Nations Declaration on the Rights of Indigenous Peoples.[1].

Crédit Mutuel joins the Tobacco-Free Finance Pledge

For its part, Crédit Mutuel Alliance Fédérale announced in a press release on September 19 that it was withdrawing, along with all of its subsidiaries, from the tobacco industry for their financing and investment activities, due to the "numerous harmful effects of the industry on both the environment and human health." This sectoral exclusion applies to all companies producing or manufacturing tobacco products and its derivatives. This initiative, which is in line with the recommendations of the Framework Convention, was supported by the United Nations Environment Program. Crédit Mutuel Alliance Fédérale also announced that it had joined the Tobacco-Free Finance Pledge, a network of banks, insurers and investors aimed at promoting responsible investment. The Tobacco-Free Finance Pledge was notably joined by Amundi, BNP Paribas, Caisse des Dépôts and Banque Postale.[2].

FT

[1] Societe Generale Group, Tobacco sector policy, September 2023, (accessed 20/09/2023)

[2] Credit Mutuel, Crédit Mutuel Alliance Fédérale formalizes its commitment to tobacco-free finance, 09/19/2023, (accessed the same day).