BNP Paribas to Halt New Oil and Gas Project Financing
May 11 2023 - 6:05AM
Dow Jones News
By Pierre Bertrand
BNP Paribas on Thursday said that it will no longer finance the
development of new oil and gas fields, regardless of the financing
method.
The French bank, in providing more details on its previously
announced plans to withdraw from hydrocarbon exploration and
production activities, said it will reduce its financing of oil
exploration and production by 80% by 2030.
It said it will achieve this by also "phasing out financing to
non-diversified oil exploration and production players which is
intended to support oil production" and by reducing the share of
corporate-purpose facilities allocated to oil exploration and
production.
As regards natural gas projects, BNP said it will cease all
financing dedicated to developing new fields. It has a target of
cutting gas exploration and production financing by more than 30%
by 2030.
BNP added that it has set for 2030 new per-ton emission
intensity reduction targets for its loan portfolios in steel,
aluminum and cement. It said that it aims for a reduction in steel
emissions by 25% and aluminum emissions by 10% compared with 2022,
and a cut in cement emissions by 24% compared with 2021.
Write to Pierre Bertrand at pierre.bertrand@wsj.com
(END) Dow Jones Newswires
May 11, 2023 06:50 ET (10:50 GMT)
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