Pressure from climate activists around the world have worked on French mega-bank BNP Paribas. BNPP are no longer going to directly fund oil and gas fields anywhere in the world. This is very similar to the decision that activists forced out of HSBC in 2022.

BNP Paribas are one of the biggest fossil fuel funders in Europe. They gave more than any other European bank to fossil fuels in 2022, and they’ve given the second most since 2016 (second to Barclays). This new decision is a first step in making BNP reduce it’s fossil fuel funding for good! And it didn’t happen by accident. French organisations like Reclaim Finance worked alongside groups like ShareAction and frontline defenders to show BNP Paribas the damage they’re causing.

This policy represents a massive step in the right direction, it’s not perfect. The bank is committing to not directly fund specific oil and gas fields anymore. But they can still pile billions into the companies that are making the oil and gas fields. That means that whilst this policy is good, it won’t really affect BNP’s flow of cash to some of the world’s most dangerous fossil fuel companies like Eni, Shell, BP and TotalEnergies.