France’s Biggest Listed Bank To Stop Funding Shale, Oil Sands Projects

12 Oct 2017   France, Shale Oil

As part of efforts to support energy transition, France’s biggest listed bank, BNP Paribas, said on Wednesday that it would no longer do business with companies whose main business is exploration, production, trading, or marketing of oil and gas from shale or tar sands projects. In one of the latest signs that the banking industry is evaluating the wisdom of doing business with the oil and gas industry in the face of mounting pressure from investors, BNP Paribas also said that it wouldn’t finance any oil or gas exploration or production projects in the Arctic region. The bank will also no longer finance LNG terminals that predominantly liquefy and export gas from shale projects, and choke off funding for pipelines that carry oil and gas from shale and/or tar sands. It doesn’t stop there. BNP Paribas won’t finance coal mines and coal-fired power plants either, and will be no […]

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