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    BNP   FR0000131104

BNP PARIBAS

(BNP)
  Report
Real-time Euronext Paris  -  11:35:10 2023-01-27 am EST
62.03 EUR   +0.49%
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BNP Paribas vows to slash oil lending by 80% by 2030, fund renewables

01/24/2023 | 04:17pm EST
FILE PHOTO: The BNP Paribas logo is seen at a branch in Paris

LONDON (Reuters) - French bank BNP Paribas on Tuesday pledged to slash the money it has outstanding with the oil extraction and production industries to less than one billion euros ($1.1 billion) by 2030, an 80% decline from its current balance of five billion euros.

The lender said it stopped financing oil projects back in 2016, but Tuesday's commitment will accelerate the pace at which it reduces outstanding financing for oil extraction and production as part of its efforts to curb carbon emission and meet climate goals.

It also hiked its target for outstanding financing for the production of "low-carbon, primarily renewable, energies" to 40 billion euros by 2030, up from an earlier goal of 30 billion euros by 2025.

The bank will also cut outstanding financing for gas extraction and production by more than 30% by 2030, BNP Paribas said in a press release.

Banks have been announcing targets to shift towards lower-carbon sectors and away from fossil fuels, although with many of their goals out to 2030 it can be hard to assess progress.

Scientists say the world has only seven to eight years left before passing the 1.5C global warming limit set in the 2015 Paris Agreement, which would mean countries, companies and individuals have to cut emissions by half every decade until 2050.

Last week protesters from ecological movement Extinction Rebellion rallied outside a BNP Paribas building in Paris to oppose the bank's loan to an oil major leading in an East African oil pipeline project.

In a statement on Friday, the bank said it "supports energy companies that are strongly committed to the transition of their models ... to reorient financing toward low-carbon energy sources."

($1 = 0.9191 euros)

(Reporting by Virginia Furness and Tommy Reggiori Wilkes; Editing by Josie Kao)


ę Reuters 2023
Stocks mentioned in the article
ChangeLast1st jan.
BNP PARIBAS 0.49% 62.03 Real-time Quote.15.92%
BRENT OIL -1.57% 86.05 Delayed Quote.0.27%
WTI -2.02% 79.45 Delayed Quote.0.09%
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Financials
Sales 2022 50 156 M 54 447 M 54 447 M
Net income 2022 10 666 M 11 578 M 11 578 M
Net Debt 2022 - - -
P/E ratio 2022 7,40x
Yield 2022 6,45%
Capitalization 77 245 M 83 852 M 83 852 M
Capi. / Sales 2022 1,54x
Capi. / Sales 2023 1,58x
Nbr of Employees 190 000
Free-Float 86,9%
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Mean consensus BUY
Number of Analysts 20
Last Close Price 62,03 €
Average target price 69,64 €
Spread / Average Target 12,3%
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Managers and Directors
Jean-Laurent BonnafÚ Co-Chief Operating Officer & Director
Lars Machenil Chief Financial Officer
Jean Lemierre Chairman
Bernard Gavgani Chief Information Officer
Yann GÚrardin Chief Operating Officer
Sector and Competitors