French BNP Paribas promises to cease funding shale oil and gas

12/10/2017 11:56 Renewable

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The BNP Paribas Group stated its intention to end cooperation with business entities which operate in shale gas or tar sands fields.   

 

According to the bank officials, the transportation and export of shale oil and gas will also be affected.

 

The French banking giant is strongly committed to approaching climate change and backs up its earlier decisions to cut funding for coal-fired power generation and increase investment in renewables to €15 billion by 2020.

 

The financial institution plans to allot another €100 million for start-ups developing innovative solutions for an easy shift to the low carbon energy.

 

CEO Jean-Laurent Bonnafé voiced that the bank is a long-lasting partner to the energy industry and a great supporter of the budge to a more sustainable world, aiming to facilitate energy transition and contribute to a low-carbon economy. 
 

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