Mining in Colombia: three French banks put on formal notice on the duty of vigilance

2023-05-25T06:10:37.984Z

Highlights: BNP Paribas, Crédit Agricole and BPCE put on notice for their investment in Glencore. Glencore accused of illegal or irregular activities in the La Jagua and Calenturitas mines. French law requires large banks to take effective measures to prevent human rights abuses. The number of cases against the banks has increased since the first one in January 2019, according to a report by the French National Institute for Human Rights (INP) The report also said that the French government has taken steps to prevent further cases of human rights abuse in the future.

BNP Paribas, Crédit Agricole and BPCE have been put on notice by the Tierra Digna association for their financial investment in the Swiss company Glencore and its subsidiary Prodeco, which the NGO accuses of...

The Colombian association accuses Glencore of illegal or irregular activities in the La Jagua and Calenturitas mines with "coal dust that for years has not met the standards set by the WHO" and contamination "of water sources, both surface and ground, by materials such as lead and other toxic substances". according to the formal notices sent Tuesday to the establishments.

"To carry out its activity, Glencore benefits from a lot of financing and investments from international financial institutions," continues Tierra Digna, adding that NGO reports "have highlighted the involvement (of the three French banks) in these climate-friendly financial flows".

Since 2017, the French law on "the duty of vigilance" requires large companies to take effective measures to prevent human rights and environmental abuses throughout their business chain.

Since the first action launched in 2019, against TotalEnergies, their number has multiplied and about twenty procedures are now underway.

In October, BNP Paribas was the target of two due diligence notices in October, for its financial support for Marfrig, Brazil's second largest meatpacking company, and its impact on deforestation, and for its support for companies developing new oil and gas projects.

Mining in Colombia: three French banks put on formal notice on the duty of vigilance

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