December 1, 2019 by Xavier
While the banks announce phase out of fossil fuels, such as coal, tobacco, gas, or oil, Friends of the Earth and Oxfam argue that these banks would still be, to a good part responsible for global warming.
For an adequate regulatory framework
Taking advantage of the Climate Finance Day, a summit meeting bringing together several international players in the banking and insurance, Friends of the Earth and Oxfam have called for the establishment of a regulatory framework that would seek to compel the banks to adopt strategies consistent with the goal of limiting the increase in earth’s temperature of 1.5 °C, and, starting next year.
According to a joint study of the two NGOS, the four main French banks, including BNP Paribas, Crédit agricole, Société générale and BPCE, to be responsible for the emission of over 2 billion tonnes of CO2, which is 4.5 times the emissions of France.
These figures have been obtained by the aggregation of the financial transactions made by these banks in companies active in the fossil fuel during the year 2018.
😠 @lemondefr parle de « La colossale empreinte carbone des banques: une affaire d’Etat » qui révèle que 4 banques 🇫🇷 :
ont émis ➕ de 4,5 fois les émissions totales de la France en 2018 #CFD2019 #Climat https://t.co/zpkarfKtYa
— Oxfam France (@oxfamfrance) November 28, 2019
This is not a scoop
Commenting on the publication of this study report, Laurence Pessez, the director of the social and environmental responsibility BNP Paribas, said :
“To say that the French banks are financing fossil fuels, it does not seem to me to be a scoop, to the extent that we are funding the world as it is, however, the energy sources used in global electricity generation is 65 % from fossil. However, our policies aim to reduce the share of coal and to finance the energy transition “.
In addition, among the four banks mentioned above, the BNP is an active participant in projects, pollutants, followed by the Crédit Agricole, Société générale and BPCE.
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