Only 17.3 per cent of the financing provided by the top four French banks to the largest European oil and gas companies between 2020 and 2023 went to their “low-carbon” activities, new research has claimed, calling into question the sector’s sustainable financing credentials.
BNP Paribas, Crédit Agricole, Société Générale and Groupe BPCE financed $7.1bn of low-carbon activities at the five biggest European oil and gas companies between 2020 and 2023, compared to $34.2bn for fossil fuel activities, according to research from non-profit Reclaim Finance.
