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Still Undermining Our Future? - FR

Monday, November 12, 2018

France - At the heart of the economy, the French banks, especially BNP Paribas, Crédit Agricole, Société Générale and BCPE, are major financial players worldwide, and have a significant influence on gas emissions for the projects and projects they hold. They have a significant role to play in the energy transition.

But in practice, what is it really? Behind the speeches of private banks, it is essential to analyze and compare the reality of financing allocated to fossil energy and renewable energy. And these figures reveal an alarming finding.

In 2016 and 2017, €10 of financing was granted by the energy banks, € 7 for fossil fuels, compared with only € 2 for renewables.
From 2016 to 2017, banks have even reduced their funding for renewable energy (minus 1.85 billion euros) of an amount equivalent to the increase in their financing for fossil fuels (1.8 billion euros). euros).

With € 12.8 billion in fossil fuel financing in 2016 and 2017, BNP Paribas remains the French bank that supports fossil fuels the most, while in November 2015, it was one of the sponsors of COP21. Behind are closely monitoring Crédit Agricole and Société Générale, which respectively financed fossil fuels for € 12.6m and € 11.5bn over the 2016-2017 period.
For 1 euro granted in the financial markets for renewable energies, French banks grant more than 8 euros to fossil fuels

 

Read the full report here

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