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France’s Largest Bank Cuts Ties With Dirty Energy Companies
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."
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Toxic Waste Will Continue to Grow for Decades Even if All U.S. Drilling and Fracking Halts Today, New Report Says
By Jessica Corbett
For more than three decades, the U.S. government has mismanaged toxic oil and gas waste containing carcinogens, heavy metals and radioactive materials, according to a new Earthworks report — and with the country on track to continue drilling and fracking for fossil fuels, the advocacy group warns of growing threats to the planet and public health.
Newly adopted guidelines set forth by the European Commission Tuesday aim to tackle climate change by way of the financial sector. The move comes to bolster the success of the Sustainable Action Plan published last year to reorient capital flows toward sustainable investment and manage financial risks from climate change, environmental degradation and social issues.