Credit Agricole, a French bank, has bought stakes in 11 wind farms

Credit Agricole, a French bank, announced on Friday that it had purchased stakes up to 32 percent in 11 wind farms located in France.

Why it's Important:

By 2050, France aims to be carbon neutral by having 45 gigawatts of offshore wind installed. Due to the complex permitting procedures and multiple appeals filed against projects, France is behind other countries in offshore wind.

The European Union also wants to see more wind power in this region. In July, it signed a deal with Deutsche Bank for the financing of more investments in that sector.

In the wake of Russia’s invasion of Ukraine, the EU wants banks supporting the increased rollout of renewable energies to meet climate policies.

CONTEXT:

An earlier report by the International Renewable Energy Agency showed that last year, new renewable energy capacity reached a record of 473 gigawatts.

By the Numbers:

According to a report released by WindEurope in July, European wind energy projects totaling more than 500 GW potential capacity await a response to their grid connection requests. These projects are located in France, Germany Ireland, Poland, and Spain. (Reporting and editing by Alexander Smith; Sudip Kar Gupta)

(source: Reuters)