INFO EUROPE 1
A few days before the opening of the COP 25 in Madrid, Europe 1 unveils Thursday a shock report on the very strong contribution of banks to emissions of greenhouse gases. A study by several NGOs: Oxfam and Friends of the Earth. According to this report, in equivalent greenhouse gas emissions, the activities financed by the major French banks emit five times more than a country like France.
It is through their investment choices and not their daily activities that banks "pollute" by financing companies with coal mining projects, thermal power plants, oil drilling projects like Total or its foreign competitors.
Banks aggravate climate crisis
By buying shares, French banks are aggravating the climate crisis, according to this report led by Cécile Duflot, the general director of Oxfam. "Very concretely in 2019, two major French banks, Société Générale and BNP Paribas renewed their loans to RWE, one of the largest German energy producer, and one of the biggest European polluter, "says the director. "This company has mostly, and very largely, coal plants, which are the worst emitters of greenhouse gases and the worst responsible for climate change."
According to the report, there is still a good student. Crédit Agricole has withdrawn more than three billion euros of investment in the coal sector. On the other hand, there is still progress to be made on oil and gas. But it's proof that a big bank, the world's tenth, can do it.