Quantcast

France’s Largest Bank Cuts Ties With Dirty Energy Companies

Business

BNP Paribas announced Wednesday that it would no longer do business with shale and tar sands companies, as part of a larger set of climate commitments.

In a statement, France's largest bank said it would also stop financing shale and tar sands projects and oil and gas production or exploration projects in the Arctic. The global bank has previously committed to spending billions of euros on renewable energy financing and energy efficiency, and has ceased support for coal mines and coal-fired power plants.


"We're a long-standing partner to the energy sector and we're determined to support the transition to a more sustainable world," CEO Jean-Laurent Bonnafé said in a statement. "As an international bank, our role is to help drive the energy transition and contribute to the decarbonization of the economy."

As reported by Reuters:

"The bank previously said it planned to spend 15 billion euros ($17.72 billion) to finance renewable energy projects by 2020 and invest 100 million euros in start-ups specializing in energy storage and efficiency.

The lender has already stopped financing coal mines and coal-fired power plants, and no longer supports coal companies that are not planning to diversify their energy sources."

For a deeper dive:

Bloomberg, UPI, FT, Reuters

For more climate change and clean energy news, you can follow Climate Nexus on Twitter and Facebook, and sign up for daily Hot News.

EcoWatch Daily Newsletter

"It would be great to see all the candidates join Elizabeth Warren in taking the No Big Ag Money Pledge," said Citizens Regeneration Lobby's Alexis Baden-Mayer. Peter Blanchard / Flickr / ric (CC BY 2.0)

By Andrea Germanos

Food system justice and environmental advocates on Wednesday urged all Democratic presidential hopefuls to follow in the footsteps of Sen. Elizabeth Warren in signing a pledge rejecting campaign cash from food and agribusiness corporations.

Read More
A new study shows the impact Native Americans had on landscapes was "small" compared to what followed by Europeans. The findings provide important takeaway for conservation in New England today, seen above in a view of areas surrounding Rangeley Lakes in Maine. Cappi Thompson / Moment / Getty Images

There's a theory going around that Native Americans actively managed the land the lived on, using controlled burns to clear forests. It turns out that theory is wrong. New research shows that Native Americans barely altered the landscape at all. It was the Europeans who did that, as ZME Science reported.

Read More
Sponsored
Loggers operate in an area of lodgepole pine trees killed by the mountain pine beetle in the Beaverhead-Deerlodge National Forest on Sept. 13, 2019 in Montana. As climate change makes summers hotter and drier in the Northern Rockies, forests are threatened with increasing wildfire activity, deadly pathogens and insect infestations, including the mountain pine beetle outbreak. The insects have killed more than six million acres of forest across Montana since 2000. Chip Somodevilla / Getty Images

President Donald Trump told a crowd at the Davos World Economic Forum Tuesday that the U.S. will join the Forum's 1t.org initiative to restore and conserve one trillion trees around the world, according to The Hill.

Read More
Wild rice flatbread is one of many Native recipes found in Indigikitchen. Indigikitchen

The online cooking show Indigikitchen is providing a platform to help disseminate Indigenous food recipes — while helping eaters recognize their impact on the planet and Native communities.

Read More

On the Solomon Islands, rats and poachers are the two major threats to critically endangered sea turtles. A group of local women have joined forces to help save the animals from extinction.

Read More