BNP Paribas has given formal notice to stop financing fossil fuels and “climate chaos”

After “The case of the century”, the BNP Paribas case? The non-governmental organizations Notre affaires à tous and Oxfam France, which helped bring the state to justice for its “Climatic inaction”now i intend to open the “trial of a financier of climate chaos”. A first milestone was set on Wednesday 26 October: NGOs, supported in their approach by Friends of the Earth, formally warned the first French bank to stop supporting fossil fuel development, he learned. The world.

They are based on the law on the duty of supervision, which obliges large French companies to identify risks and prevent serious attacks on the environment and human rights that can arise from their activities. In this case, the associations criticize BNP Paribas for not having applied it to climate matters, continuing to finance oil and gas projects. They gave an ultimatum to the banking group: there are three months left “respect the law”. Otherwise, the associations will seize the Paris court. With the aim of achieving “first climate litigation in the world” involving a commercial bank. So far, states (France, the Netherlands) and oil groups (Shell) have been condemned.

Read also Three of the five European banks that finance hydrocarbons the most are French

“BNP Paribas is responsible for the climate crisis because it finances fossil fuels. He is about to become guilty, because, by the Paris Agreement [sur le climat, conclu en décembre 2015, lors de la COP21], despite the great promises, the first French bank has not yet turned off the tap, protests Cécile Duflot, general manager of Oxfam France and former patroness of the Greens. We are convinced that justice will help us put an end to a hypocrisy that is becoming deadly. “

Why bet on BNP Paribas rather than on another bank? Because she is there “first global lender of the major industry majors”, justifies Lorette Philippot, a specialist in climate and financial issues at Friends of the Earth. Between 2016 (after the conclusion of the Paris agreement) and 2021, the group injected over $ 43 billion (€ 43.4 billion) into eight major European and American oil and gas companies.

“Climate bombs”

No other bank in the world has invested so much in this period, according to data collected in the 2022 edition of Banking on Climate Chaos, a landmark report conducted by a dozen NGOs, including Reclaim Finance. Americans City and JP Morgan Chase, who completed the podium, injected “only” $ 36 billion over the same period. Also by comparison, the French Crédit Agricole and Société Générale are in ninth and tenth place, respectively with 15 and 13 billion dollars. BNP Paribas is therefore the main lender of BP and Shell and the main lender of six other giants: Total, Chevron, ExxonMobil, ENI, Repsol and Equinor.

You still have 62.94% of this article to read. The following is for subscribers only.

Leave a Comment