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The French banks are among the biggest polluters of the world

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.

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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About the author

Jeremiah Faber

Jeremiah Faber

Jeremiah is an explorer by heart – both in the physical and the digital realm. A traveler, Jeremiah continues to visit new places throughout the year in the physical world, while in the digital realm has been instrumental in a number of Kickstarter projects. Technology attracts Jeremiah and through his business acumen has gained financial profits as well as fame in his business niche.