Despite its ambitious commitments on paper, BNP Paribas increased its financing of fossil fuels between 2016 and 2020. The largest French bank is today the ninth largest financier of the extractive industries in the world, point out six NGOs.
BNP Paribas, Société Générale and Crédit Agricole finance all fossil fuels
When the Paris Agreement was signed, the financial center was making ambitious climate commitments. The reality was quite different. Between 2016 and 2020, French banks increased their fossil fuel financing by 19% on average, calculated the NGOs Rainforest Action Network, Reclaim Finance and four others in a joint report.
Over the period, the financing granted by the largest French banks almost doubled, from 45 to 86 billion dollars. The result: French banks are now in a good position in the ranking of the largest fossil fuel funders: BNP Paribas 9th, Société Générale 21st and Crédit Agricole 23rd.
BNP Paribas: generous loans to oil majors… well after the Paris Agreement
With $ 41 billion in fossil fuel financing in 2020, BNP Paribas is the bank to have increased its support the most between 2019 and 2020 at the international level. Despite its more ambitious policies than its peers in the field of fossil fuels, BNP Paribas is in 2020 the second largest European financier and 9th worldwide in the fossil fuel industry. Over this four-year period, BNP Paribas notably granted 13 billion euros to BP and Chevron.
But BNP Paribas is not the only bank in this case: over the same period, Crédit Agricole granted $ 3.7 billion to Total, while Société Générale granted $ 1.9 billion to Exxon.