Oxfam says French banks are "addicted to fossil fuels"

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The six largest French banks have since reduced the COP21 their financing to renewable energy for the benefit of fossil fuels, denounces a report of the NGO Oxfam published Saturday / AFP / Archives

The six largest French banks have since reduced the COP21 their financing to renewable energy for the benefit of fossil fuels, denounces a report of the NGO Oxfam published Saturday / AFP / Archives

The six largest French banks have since reduced the COP21 their funding for renewable energy for fossil fuels, denounces a report from the NGO Oxfam released Saturday.

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," says the NGO in a statement.

Over this period, the banks "have financed fossil fuels for 43 billion euros, against only 12 billion euros for renewable energy, while the climate situation would require them to do at least the opposite ", regretted Alexandre Poidatz, spokesman for Oxfam France, quoted in the statement.

"Three years after COP21, banks have still not made the transition to the energy transition, despite their rhetoric in this direction," he added.

The six banks singled out by Oxfam are BNP Paribas, Société Générale, Crédit Agricole, BPCE, Crédit Mutuel-CIC and Banque Postale. According to the NGO, "coal is still too dominant, accounting on average for 8.5% of the energies financed".

The study is based on the financing and investment operations of these six banks with the objective of "quantifying their financial support for fossil fuels and renewable energies from January 2016 to December 2017," said Oxfam.

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