BNP to Halt Shale Oil Financing, Expand Funds for Renewables
- French bank says shale, oil sands projects harm environment
- BNP also won’t fund oil or gas projects in the Arctic region
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BNP Paribas SA pledged to stop financing shale and oil sands projects, expanding earlier commitments in support of global efforts to tackle climate change.
France’s largest bank will no longer do business with companies whose main activity stems from oil and natural gas obtained from shale or oil sands, it said in a statement Wednesday. The policy covers companies involved in activities ranging from exploration to marketing and trading. The company also won’t fund oil or gas projects in the Arctic region.