World’s 8th Largest Bank Ceases Funding for Tar Sands Pipelines

On Wednesday October 11th, banking giant BNP Paribas announced that it is cutting ties with companies whose main business is connected with shale and/or oil from tar sands.  The move has been lauded by climate activists around the world, who are calling for other banks to follow BNP Paribas’ example.

The announcement also stated that the bank will stop financing transportation projects for shale oil and tar sands, and will not finance any oil or gas projects in the Arctic.

In a statement, Jean-Laurent Bonnafé, director and CEO of BNP Paribas wrote:  “In concrete terms, these decisions mean that we will cease providing finance to a number of companies and organisations that are not making an effort to be part of the transition to a less greenhouse gas-emitting economy.”

This move has been widely welcomed as a huge win for the climate, with many celebrating the decision.  Private finance campaigner Lucie Pinson, from Friends of the Earth France has said it’s “great news for the climate and a huge victory for the groups who have been mobilizing in support of indigenous peoples who are on the front line of the impacts of tar sands, shale gas, and LNG projects in North America.”

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