Paris-based global bank BNP Paribas announced today that it will end its direct financing for new oil and gas fields, strengthening its policy – released earlier this year – to reduce its fossil fuel financing activity.
The move makes BNP Paribas the second largest global bank to commit to exiting new oil and gas project financing, after HSBC unveiled a similar policy in December 2022. Responsible investing NGO ShareAction, which has been engaging with the firm over its fossil fuel financing activities said that the announcement will pressure the banks’ major European peers to follow suit.
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