first_imgBNP Paribas tightens restrictions on coal-related lending, plans 2030 exit FacebookTwitterLinkedInEmailPrint分享S&P Global Market Intelligence ($):BNP Paribas SA expanded its target to end relationships with customers that use coal to generate electricity by the end of 2030 to all Organization for Economic Cooperation and Development countries, the French bank said in a May 11 statement.BNP Paribas said it will no longer accept any new customers with a coal-related revenue share of more than 25%. The policy is expected to halve the number of BNP Paribas corporate customers using coal for a share of their electricity generation.“BNP Paribas is the first bank in the world that has set a coal-exit date, decided to end the financing of shale-gas and tar-sands specialists, and acquired a leading position in financing renewable-electricity projects,” BNP Paribas director and CEO Jean-Laurent Bonnafé said. “Beyond coal and unconventional hydrocarbons, we are putting in place innovative tools that will enable us to systematically introduce environmental criteria into our lending decisions and align our portfolio with the objectives of the Paris Agreement.”The provisions include loans and financing through financial markets.The company has been gradually tightening its criteria around funding for companies with ties to coal since 2011. BNP Paribas said it has not financed a single new coal-fired power plant anywhere in the world since 2017. In 2019, the bank adopted cutoff dates for customers to stop using coal by 2030 in the European Union and by 2040 for the rest of the world. BNP Paribas said it will continue its commitment to end relations with any customer developing new coal-based production capacity in the near future.Banks, insurers and other financial institutions have increasingly distanced themselves from the coal sector with pledges to stop investing in or providing services to coal companies. Major financial institutions including BlackRock Inc., JPMorgan Chase & Co. and Goldman Sachs Group Inc. have recently rolled out policies that restrict or exclude business with the coal sector.[Taylor Kuykendall]More ($): BNP Paribas speeds move toward complete coal exit with new, tighter restrictionslast_img

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