<
https://www.reuters.com/business/sustainable-business/bnp-paribas-will-no-longer-provide-financing-development-new-oil-gas-fields-2023-05-11/>
'PARIS, May 11 (Reuters) - BNP Paribas (BNPP.PA), France's largest lender, will
no longer provide any financing dedicated to the development of new oil and gas
fields, the bank said on Thursday, as it reiterated its target of an 80% cut of
its oil exploration financing by 2030.
Although European banks have been tightening their lending criteria for fossils
fuels as part of pledges to cut financed carbon emissions to zero by 2050,
environmental groups and some activists investors have been urging them to go
faster.
The new commitments, coming days ahead of BNP's annual shareholder meeting,
also included a complete phasing out of all financing to non-diversified oil
companies.
"BNP Paribas no longer provides dedicated financing for the development of new
oil and gas fields, regardless of the financing terms," the bank said in a
statement.
BNP Paribas had already announced plans in January to cut oil exploration
financing by 80% by 2030, and on Thursday it confirmed it was on track with its
climate change targets for the power generation, oil and gas and automotive
sectors.
"Its new commitments are welcome and suggest that banks' financing appetite for
new oil and gas is rapidly drying up," responsible investment group ShareAction
said in a statement, though it added the bank still had a way to go.'
Via
Future Crunch:
<
https://futurecrunch.com/good-news-trachoma-benin-mali-deforestation-brazil-seine-paris/>
Cheers,
*** Xanni ***
--
mailto:xanni@xanadu.net Andrew Pam
http://xanadu.com.au/ Chief Scientist, Xanadu
https://glasswings.com.au/ Partner, Glass Wings
https://sericyb.com.au/ Manager, Serious Cybernetics
