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La Banque Postale Unveils Plan to Exit Oil and Gas by 2030

  • The French bank says it’s committed to ‘a just transition’
  • French lender receives SBTi backing for its climate strategy
FRANCE-FINANCE

Photographer: Joel Saget/AFP

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La Banque Postale said it plans to completely exit the oil and gas industries by 2030, becoming the first bank to make such a pledge.

The French lender said Thursday it will no longer provide financial services to oil and gas companies, invest in companies active in the sector and finance any related projects. The commitment covers conventional and non-conventional fossil-fuels producers, upstream and midstream activities, as well as companies involved in infrastructure development for the industry. La Banque Postale also will stop supporting businesses involved in lobbying for the oil and gas industry.