For the first time, a climate lawsuit was filed against one of Europe’s top banks, BNP Paribas. Read to know all about it.
What is the BNP Paribas climate lawsuit about?
Three french non-profits, Friends of the Earth (Les Amis de la Terre), Oxfam, and Notre Affaire à Tous sued BNP Paribas for “its massive support to fossil fuels and for its substantial contribution to climate change”. Moreover, as per Oxfam, this is “the world’s first climate lawsuit against a commercial bank”. Oxfam is accusing the bank of being the region’s largest fossil fuel funder. As per the climate lawsuit, the bank with its presence in over 65 nations is the fifth largest funder of the expansion of fossil fuel.
“The three organizations also urge the bank to immediately stop financing this expansion. And to adopt an oil and gas exit plan” revealed the official statement. Additionally, “BNP Paribas is Europe’s largest funder of fossil fuel expansion. It is also ignoring scientific truths and is reluctant to address this glaring issue,” added Lorette Philippot. Philippot is a campaigner at Friends of the Earth France.
More on the fight against fossil fuel expansion
As per Alexandre Poidatz, new blank cheques are being allocated to fossil fuel firms “without setting any conditions for an oil-free, gas-free ecological transition”. Poidatz is an Advocacy Officer at Oxfam France. Additionally, “about 50,000 people have signed a petition in support of the case,” added Poidatz. This climate lawsuit is also part of a litigation movement aiming to hold major funders accountable.
“We’re convinced that the ecological transition is the only viable path for the future of our economies. We are also focused on our fossil fuel exit path, accelerating financing for renewable energies and supporting our customers. Without whom the transition cannot be made,” stated BNP Paribas. Moreover, as per the Banking on Climate Chaos 2022 report, it is one of the top 12 banks financing fossil fuels between 2016 and 2021. (mrbonespumpkinpatch) The report was prepared by the US-based Rainforest Action Network.
