BNP Paribas announced Thursday that it will stop financing the development of oil and gas fields as part of its ambitions to strengthen the energy transition path.
According to a company press release, BNP Paribas will reduce funding for oil exploration and production by 80% until 2030. To achieve this, the firm plans not to grant aid for the development of new fields, progressively eliminating funding to non-diversified oil exploration and cutting the portion of general business facilities that go to oil expansion and production.
"Beyond the energy sector, BNP Paribas continues to align its loan portfolio with a net zero emissions trajectory and is setting new decarbonization targets for the steel, cement, and aluminum sectors, as presented in its 2023 Climate Report," the statement said.
