The French bank BNP Paribas 'continues to write new blank checks to the largest fossil fuel companies without setting any conditions for an oil-free, gas-free ecological transition,' said one campaigner.
The French bank BNP Paribas "continues to write new blank checks to the largest fossil fuel companies without setting any conditions for an oil-free, gas-free ecological transition," said one campaigner.A trio of advocacy groups on Thursday launched the world's first climate lawsuit against a commercial bank, alleging that the Paris-based firm BNP Paribas is violating its legal obligations by continuing to finance planet-wrecking oil and gas development on a massive scale.
BNP Paribas, Europe's largest funder of fossil fuel expansion projects, "continues to write new blank checks to the largest fossil fuel companies without setting any conditions for an oil-free, gas-free ecological transition,"Alexandre Poidatz, an advocacy officer at Oxfam France, which joined Friends of the Earth France and Notre Affaire à Tous in filing the unprecedented lawsuit.
"With this lawsuit," Poidatz continued, "we would like to reiterate that our organizations are firmly resolved to see the judge reach a verdict that forces the bank to honor its promises." The groups specifically accuse BNP Paribas of violating France's duty of vigilance law, which—according to afrom the European Coalition for Corporate Justice—"establishes a legally binding obligation for parent companies to identify and prevent adverse human rights and environmental impacts resulting from their own activities, from activities of companies they control, and from activities of their subcontractors and suppliers, with whom they have an established commercial relationship.
The groups said Thursday that BNP Paribas has dismissed their call to immediately stop financing new fossil fuel projects, which are"BNP's reaction indicates that Europe's leading funder of fossil fuel development is rejecting our organizations' urgent request to stop supporting new oil and gas projects, even though this request is based on science and was recently reiterated by the United Nations secretary-general," the...
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