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Across Europe, leasing has become the main way of accessing new cars. The sector already accounts for over 50% of new registrations, a figure expected to rise to 70% by 2030.
This shift gives leasing companies – subsidiaries of carmakers (e.g. Mobilize for Renault) or banking groups (e.g. Ayvens for Société Générale, Arval for BNP Paribas) – significant power in shaping the EV transition. These companies are key intermediaries between carmakers and clients. They set listed monthly prices for new models, which influence how attractive electric vehicles are to clients. They also guide customers through the transition – or fail to do so. And they manage the resale of vehicles at the end of the lease period, shaping the second-hand market, where eight out of 10 Europeans buy their cars.
Worrying lack of transparency, weak and inconsistent climate targets
1. Reclaim Finance and T&E have analysed the climate disclosures [1] of 20 major leasing companies [2]. The findings are concerning:
12 out of 20 leasing companies publish no public information specifically about their leasing activities. Among them are major players like Stellantis Financial Services, Mercedes-Benz Financial Services, and Toyota Financial Services.
2. Even in the case of the 8 companies that disclose information, none provide a transparent detailed breakdown of their fleets by vehicle type, country, or year, making it impossible to evaluate their decarbonisation progress.
3. Only 9 companies have climate targets, but these are fragmented, short-term, poorly detailed. Some have recently been weakened or suspended, as seen with Arval (BNP Paribas), Ayvens (Société Générale), and Mobilize (Renault).
4. No leasing company has committed to stop financing new ICE vehicles in Europe, even after 2035, when the EU plans to ban their sale.
“Unlike carmakers, leasing companies are not subject to any specific climate regulations. There is currently no requirement for emissions transparency, no binding targets, and no phase-out timeline for internal combustion engine (ICE) vehicles. It's hardly surprising, then, that the warning lights are flashing red when it comes to decarbonisation - and that no leasing company has committed to moving away from fossil fuels,” explains Lucie Pinson, Executive Director at Reclaim Finance.
Regulation is urgently needed
The conclusion is clear: policymakers need to introduce policies to reverse this trend and ensure that leasing companies play their role and become real green leaders.
Reclaim Finance and T&E call on the European Commission, Members of the European Parliament and Member States to include binding measures in the upcoming EU Fleets law, expected by the end of 2025:
1. Mandate transparency on leasing fleet data: vehicle types, emissions, and fleet composition – broken down by country and year;
2. Set regulatory targets for the electrification of leasing fleets, including a phase-out of new ICE vehicle financing, by 2030 at the latest.
“This report is a wake-up call for policymakers. Without regulation, leasing companies will continue to dodge their responsibilities in the climate transition—even though they hold many of the levers,” concludes Stef Cornelis, Fleets and Freight Director at T&E.
Notes to Editors
[1] Given the limited number of comprehensive climate reports published by leasing companies, all public communications related to climate were reviewed, including sustainability reports, websites, press releases, etc.
[2] The 20 companies analysed are: Alphabet (BMW), BMW Financial Services, Arval (BNP Paribas), Cofica Bail (BNP Paribas), Crédit Agricole Personal Finance and Mobility (Crédit Agricole), Crédit Agricole Leasing and Factoring (Crédit Agricole), Leasys (Crédit Agricole, Stellatis), Crédit Mutuel Leasing (Crédit Mutuel), FCE Bank (Ford), BPCE Lease (Groupe BPCE), Hyundai Capital, Athlon (Mercedes-Benz), Mercedes-Benz Financial Services (Mercedes-Benz), Mobilize Financial Services (Renault), Ayvens (Société Générale), CGI Finance (Société Générale), Stellantis Financial Services (Stellantis), KINTO (Toyota), Toyota Financial Services (Toyota), Volkswagen Financial Services (Volkswagen).
