By Lucie Pinson, Friends of the Earth France, and Yann Louvel, BankTrack, 8 September 2016
With November’s COP 22 meeting in Marrakech fast approaching, the commitments made by French banks in 2015 à propos their financing of the coal sector are being seen for what they are: highly mixed. For one thing, Natixis confirmed, in its first such publicly declared sectoral policy, that it is ending project financing for all new coal plants – worldwide. Yet, in an indication of gaping flaws in their climate commitments adopted just before COP 21 in Paris last year, Crédit Agricole and Société Générale are involving themselves in several coal power projects, most notably in Indonesia.
Friends of the Earth France and BankTrack believe that Crédit Agricole and Société Générale must immediately withdraw from projects which are inconsistent with the Paris Agreement, and they must also, along with BNP Paribas, face up to and engage in forthcoming climate events by bringing a definitive end to all of their financing for coal projects. Continue reading »