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French banks doubled the amount of green loans outstanding in 2022

2023-11-29T08:58:55.516Z

Highlights: French banks have encouraged clients to invest in green loans to the tune of €216 billion in 2022. For renewables alone, the amount of financing amounts to €50 billion. Banks regularly criticised by NGOs for their support of fossil fuels, through their financing, their investments or their advisory and financial engineering activities. COP28, which opens on Thursday in Dubai, will focus on the impact of global warming on the environment and the environment's role in the climate change process in the 21st century, among other issues.


As the 28th climate conference opens this Thursday in Dubai, the chairman of the management board of BPCE, Nicolas Namias, said that French banks had encouraged their clients to invest in green loans to the tune of €216 billion in 2022.


In 2022, French banks doubled the amount of green and sustainable loans outstanding compared to 2021, BPCE CEO Nicolas Namias, who is also chairman of the French Banking Federation (FBF), announced on Wednesday. That is a total of €216 billion.

It was €100 billion in 2021, according to figures from the professional federation. For renewables alone, the amount of financing amounts to €50 billion in 2022. "Today, every green project is financed," Nicolas Namias told Radio Classique, whether for individuals wishing to finance energy renovation work on their homes or industrialists wishing to develop offshore wind farms, for example. Banks are regularly criticised by NGOs for their support of fossil fuels, through their financing, their investments or their advisory and financial engineering activities. They regularly update their policies limiting the impact on global warming and are back in the spotlight on the eve of COP28, which opens on Thursday in Dubai.

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BNP stops financing metallurgical coal

BNP Paribas announced last week that it will no longer finance metallurgical coal, which is mainly intended for the steel industry, and Societe Generale on Monday clarified commitments made in September, adding a section on the decarbonisation of the commercial real estate sector. "French banks are ahead of their international counterparts (...) in the financing of green energy," said Nicolas Namias. "The challenge of the transition is one that is at once massive, urgent and complex: massive given the investments that need to be made, urgent given the fact that in a few years we have to modify a system of production and consumption that dates back to the industrial era and complex because we have to aim for different objectives," continued the President of the French Banking Federation.

Source: lefigaro

All business articles on 2023-11-29

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