Two of Europe's biggest banks are no longer underwriting bond issues for oil and gas development.
French banks BNP Paribas and Credit Agricole , two of Europe ’s top three banks by assets, are no longer underwriting bond issues for oil and gas development in the latest policy shift of financing for the industry in Europe . The banks made clarifications on the matter in documents for their annual general meetings this month. BNP Paribas indicated at its AGM last week that it would not participate in bond issues for companies in the oil and gas sector.
Another major French bank, Credit Agricole, also said it had effectively ceased bond issues for oil and gas. At the bank’s AGM on Wednesday, director general Philippe Brassac, said “We no longer participate in issues that are not clearly green, or at least that do not correspond to our green framework,” as cited by Reclaim Finance. In recent years, European banks have been limiting their exposure to oil and gas.
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