BNP Pledges 80% Cut in Loans for Oil Extraction, Production (1)

BNP Paribas SA aims to reduce its funding of oil extraction and production by more than 80% by 2030, while boosting the amount of loans for low-carbon energy production.

The Paris-based lender will cut the volume of outstanding loans dedicated to the extraction and production of oil from €5 billion as of end September 2022, to less than €1 billion by 2030, it said in a statement Tuesday. The bank also intends to shrink the financing of gas production by over 30% by the end of the decade, by focusing its lending toward low emission thermal power plants, supply security, ...