Lots of major banks are releasing their policies on financing oil and gas ahead of COP26. But none of their plans are enough to meet what is required to avoid further escalation of climate disaster. All except La Banque Postale. They’re one of the first major institutions to commit to the change required to keep to under 1.5°C of warming.
Campaigners at Reclaim Finance and Friends of the Earth France said:
“If all banks were to copy and paste La Banque Postale’s policy, the climate would be largely spared,”
It’s so inspiring to see a major financial institution listening to the science and listening to the mountains of pressure from campaigners. With this move, they’re putting thousands of other financial institutions under pressure to do the right thing and stop funding fossil fuel projects.
Reuters: French lender Banque Postale commits to exit oil and gas by 2030: https://www.reuters.com/business/sustainable-business/french-lender-banque-postale-commits-exit-oil-gas-by-2030-2021-10-14/