Environmental associations criticize certain banks in particular for financing oil, gas and coal projects that are harmful to the climate.
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BNP Paribas is in the sights of environmental associations. Oxfam France, Friends of the Earth and Notre Affaire à tous announced on Wednesday 26 October “give notice” the French bank to stop financing oil and gas projects.
They rely on the law on the duty of vigilance, and hope to condemn the establishment for its support for new fossil energy projects. Other French banks are singled out by movements. Franceinfo details the reasons for this.
Because banks finance fossil fuels
“Banks make polluting projects possible and encourage companies that emit greenhouse gases”, denounce the associations on the site of their action. They describe the granting of loans and the purchase of shares and bonds on the financial markets, as support for companies that develop CO2 emitting projects.
The Change bank site, developed by the NGO Reclaim Finance, describes the investments of each establishment in these energies that are harmful to the climate. “Having allocated more than $46 billion to the fossil fuel sector (coal, oil and gas), the BPCE group’s corporate and investment bank, Natixis, is the fourth most active bank in this sector since Paris Agreement, behind BNP Paribas, Société Générale and Crédit Agricole”, denounces for example the association, for which “BPCE is aggravating climate chaos”.