BNP Paribas wants to slash oil funding

BNP Paribas wants to slash oil funding
Credit: Belga

BNP Paribas wants to reduce its outstanding financing for oil extraction and production from some €5 billion to less than €1 billion by 2030, the French bank reported.

This is a strong acceleration for the bank, whose largest shareholder (7.8%) is the Belgian government.

BNP Paribas also aims to reduce financing for gas production by 30%.

At the same time, it wishes to increase lending for low-CO2 energy production, including nuclear power.

Its target in this regard is €40 billion by 2030, up from just over €28 billion at the end of September last year.

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