For Oxfam, French banks primarily finance fossil fuels

      Comments Off on For Oxfam, French banks primarily finance fossil fuels

Bad point for the six largest French banks, namely BNP Paribas, Societe Generale, Crédit Agricole, Banques Populaires Caisse d'Epargne, Crédit Mutuel CIC and La Banque Postale. According to a study published this Saturday by the NGO Oxfam, they are far from having taken the turning point of the COP21.

According to this study, from 2016 to 2017, these banks "reduced their funding for renewable energies by an amount equivalent to the increase in their funding for fossil fuels".

During this period, the banks, says the NGO, "have financed fossil fuels up to 43 billion euros, against only 12 billion euros in renewable energy, while the climate situation would require them to do at least the opposite.

And to regret that "coal is still too dominant, counting on average for 8.5% of the energies financed."

The first three in a handkerchief

Morality, "three years after COP21, banks have still not made the transition to the energy transition, despite their rhetoric in this direction," said Alexandre Poidatz, spokesman for Oxfam France, quoted in the statement.

The podium of French banks, according to the NGO - Oxfam France
The podium of French banks, according to the NGO – Oxfam France

According to this study, which is based on the financing and investment operations of these six institutions, the first step of the podium goes to BNP Paribas (with 12.8 billion euros in funding in 2016 and 2017), the second largest in the world. Crédit Agricole (12.6 billion euros) and the third at Société Générale (11.5 billion euros).

A report from 1 to 8 on the financial markets

Regarding investments in financial markets, "for 1 euro granted in these markets for renewable energy, French banks grant more than 8 euros of fossil fuels," says Oxfam.

Claude Fouquet