A 2015 protest targets banks as climate change profiteers. (Photo: Peg Hunter/flickr/cc)
Oct 11, 2017
In a move being hailed as a win for the climate, banking giant BNP Paribas announced Wednesday that it is severing ties with companies whose main business is connected to shale and/or oil from tar sands, will stop financing transportation projects for such fuels, and will not finance any oil or gas projects in the Arctic region.
"In concrete terms," writes Jean-Laurent Bonnafe, director and CEO of BNP Paribas, "these decisions mean that we will cease providing finance to a number of companies and organizations that are not making an effort to be part of the transition to a less greenhouse gas-emitting economy."
\u201cQui ne financera pas Keystone XL ni aucun autre projet de sables bitumineux ? @BNPParibas ! On attend la m\u00eame chose des autres banques !\u201d— Les Amis de la Terre FR (@Les Amis de la Terre FR) 1507744286
\u201cBIG NEWS! @BNPParibas, 8th largest bank in the world, will no longer finance tar sands pipelines. https://t.co/m53d0C3wZy RT to celebrate!\u201d— Greenpeace Canada (@Greenpeace Canada) 1507734864
According to Lucie Pinson, Friends of the Earth France's private finance campaigner, it's "great news for the climate and a huge victory for the groups who have been mobilizing in support of Indigenous peoples who are on the front line of the impacts of tar sands, shale gas, and LNG projects in North America."
Her organization, along with other climate groups, was behind a report (pdf) issued earlier this year that denounced the bank for "contributing to a range of serious potential climate, environmental, and social impacts" through its financial help for a proposed Texas LNG project. A press statement from the group notes that the decision means the bank won't finance the export terminal in the Rio Grande Valley.
Alex Speers-Roesch, an oil campaigner with Greenpeace Canada, similarly called it "a testament to the diligent work of Indigenous activists, environmental groups, concerned citizens, and everyone advocating to reform the financial sector."
"More and more banks and investment funds recognize that in order to preserve their reputations and long-term financial performance, tar sands pipelines, and other extreme fossil fuel projects are not the way to go," he added. "Banks such as TD and Desjardins, that stake their reputations on being socially responsible, should expect growing resistance if they continue to fund pipelines such as Kinder Morgan."
Patrick McCully, director of Rainforest Action Network's Climate and Energy Program, also draws attention to "JPMorgan Chase, the largest U.S. funder of tar sands," saying that it and other U.S. banks "now need to decide if they want to continue to follow the Trump dirty energy agenda, or change course and get in alignment with those trying to avert climate disaster."
Why Your Ongoing Support Is Essential
Donald Trump’s attacks on democracy, justice, and a free press are escalating — putting everything we stand for at risk. We believe a better world is possible, but we can’t get there without your support. Common Dreams stands apart. We answer only to you — our readers, activists, and changemakers — not to billionaires or corporations. Our independence allows us to cover the vital stories that others won’t, spotlighting movements for peace, equality, and human rights. Right now, our work faces unprecedented challenges. Misinformation is spreading, journalists are under attack, and financial pressures are mounting. As a reader-supported, nonprofit newsroom, your support is crucial to keep this journalism alive. Whatever you can give — $10, $25, or $100 — helps us stay strong and responsive when the world needs us most. Together, we’ll continue to build the independent, courageous journalism our movement relies on. Thank you for being part of this community. |
Our work is licensed under Creative Commons (CC BY-NC-ND 3.0). Feel free to republish and share widely.
environmentfossil fuelsfrackingfriends of the earthkeystone xlrainforest action networktar sandswall street
In a move being hailed as a win for the climate, banking giant BNP Paribas announced Wednesday that it is severing ties with companies whose main business is connected to shale and/or oil from tar sands, will stop financing transportation projects for such fuels, and will not finance any oil or gas projects in the Arctic region.
"In concrete terms," writes Jean-Laurent Bonnafe, director and CEO of BNP Paribas, "these decisions mean that we will cease providing finance to a number of companies and organizations that are not making an effort to be part of the transition to a less greenhouse gas-emitting economy."
\u201cQui ne financera pas Keystone XL ni aucun autre projet de sables bitumineux ? @BNPParibas ! On attend la m\u00eame chose des autres banques !\u201d— Les Amis de la Terre FR (@Les Amis de la Terre FR) 1507744286
\u201cBIG NEWS! @BNPParibas, 8th largest bank in the world, will no longer finance tar sands pipelines. https://t.co/m53d0C3wZy RT to celebrate!\u201d— Greenpeace Canada (@Greenpeace Canada) 1507734864
According to Lucie Pinson, Friends of the Earth France's private finance campaigner, it's "great news for the climate and a huge victory for the groups who have been mobilizing in support of Indigenous peoples who are on the front line of the impacts of tar sands, shale gas, and LNG projects in North America."
Her organization, along with other climate groups, was behind a report (pdf) issued earlier this year that denounced the bank for "contributing to a range of serious potential climate, environmental, and social impacts" through its financial help for a proposed Texas LNG project. A press statement from the group notes that the decision means the bank won't finance the export terminal in the Rio Grande Valley.
Alex Speers-Roesch, an oil campaigner with Greenpeace Canada, similarly called it "a testament to the diligent work of Indigenous activists, environmental groups, concerned citizens, and everyone advocating to reform the financial sector."
"More and more banks and investment funds recognize that in order to preserve their reputations and long-term financial performance, tar sands pipelines, and other extreme fossil fuel projects are not the way to go," he added. "Banks such as TD and Desjardins, that stake their reputations on being socially responsible, should expect growing resistance if they continue to fund pipelines such as Kinder Morgan."
Patrick McCully, director of Rainforest Action Network's Climate and Energy Program, also draws attention to "JPMorgan Chase, the largest U.S. funder of tar sands," saying that it and other U.S. banks "now need to decide if they want to continue to follow the Trump dirty energy agenda, or change course and get in alignment with those trying to avert climate disaster."
In a move being hailed as a win for the climate, banking giant BNP Paribas announced Wednesday that it is severing ties with companies whose main business is connected to shale and/or oil from tar sands, will stop financing transportation projects for such fuels, and will not finance any oil or gas projects in the Arctic region.
"In concrete terms," writes Jean-Laurent Bonnafe, director and CEO of BNP Paribas, "these decisions mean that we will cease providing finance to a number of companies and organizations that are not making an effort to be part of the transition to a less greenhouse gas-emitting economy."
\u201cQui ne financera pas Keystone XL ni aucun autre projet de sables bitumineux ? @BNPParibas ! On attend la m\u00eame chose des autres banques !\u201d— Les Amis de la Terre FR (@Les Amis de la Terre FR) 1507744286
\u201cBIG NEWS! @BNPParibas, 8th largest bank in the world, will no longer finance tar sands pipelines. https://t.co/m53d0C3wZy RT to celebrate!\u201d— Greenpeace Canada (@Greenpeace Canada) 1507734864
According to Lucie Pinson, Friends of the Earth France's private finance campaigner, it's "great news for the climate and a huge victory for the groups who have been mobilizing in support of Indigenous peoples who are on the front line of the impacts of tar sands, shale gas, and LNG projects in North America."
Her organization, along with other climate groups, was behind a report (pdf) issued earlier this year that denounced the bank for "contributing to a range of serious potential climate, environmental, and social impacts" through its financial help for a proposed Texas LNG project. A press statement from the group notes that the decision means the bank won't finance the export terminal in the Rio Grande Valley.
Alex Speers-Roesch, an oil campaigner with Greenpeace Canada, similarly called it "a testament to the diligent work of Indigenous activists, environmental groups, concerned citizens, and everyone advocating to reform the financial sector."
"More and more banks and investment funds recognize that in order to preserve their reputations and long-term financial performance, tar sands pipelines, and other extreme fossil fuel projects are not the way to go," he added. "Banks such as TD and Desjardins, that stake their reputations on being socially responsible, should expect growing resistance if they continue to fund pipelines such as Kinder Morgan."
Patrick McCully, director of Rainforest Action Network's Climate and Energy Program, also draws attention to "JPMorgan Chase, the largest U.S. funder of tar sands," saying that it and other U.S. banks "now need to decide if they want to continue to follow the Trump dirty energy agenda, or change course and get in alignment with those trying to avert climate disaster."
We've had enough. The 1% own and operate the corporate media. They are doing everything they can to defend the status quo, squash dissent and protect the wealthy and the powerful. The Common Dreams media model is different. We cover the news that matters to the 99%. Our mission? To inform. To inspire. To ignite change for the common good. How? Nonprofit. Independent. Reader-supported. Free to read. Free to republish. Free to share. With no advertising. No paywalls. No selling of your data. Thousands of small donations fund our newsroom and allow us to continue publishing. Can you chip in? We can't do it without you. Thank you.