{"id":1373,"date":"2017-10-25T09:43:51","date_gmt":"2017-10-25T09:43:51","guid":{"rendered":"https:\/\/madaresharghi.com\/french-bank-to-halt-funding-shale-oil-in-climate-pledge\/"},"modified":"2017-10-25T09:43:51","modified_gmt":"2017-10-25T09:43:51","slug":"french-bank-to-halt-funding-shale-oil-in-climate-pledge","status":"publish","type":"post","link":"https:\/\/madaresharghi.ir\/en\/french-bank-to-halt-funding-shale-oil-in-climate-pledge\/","title":{"rendered":"French Bank to Halt Funding Shale Oil in Climate Pledge"},"content":{"rendered":"<p><a href=\"http:\/\/madaresharghi..com\">madaresharghi<\/a><br \/>\n<\/p>\n<p> \tBNP Paribas SA\u00a0promised to stop financing shale and oil sands projects as part of its latest efforts to tackle climate change.<br \/> \tFrance\u2019s biggest bank\u00a0will no longer do business with companies whose main business stems from oil and gas obtained from shale or oil sands, it said in a statement on Wednesday, Bloomberg reported.<br \/> \tThe policy covers\u00a0companies involved in activities ranging from exploration to marketing and trading. The bank added that it will not fund oil or gas projects in the Arctic region.<br \/> \tBNP Paribas said it is committed to bringing its financing and investment activities in line with international efforts to keep global warming below 2 degrees Celsius by the end of the century. Achieving that target relies on reducing the world\u2019s dependence on fossil fuels, starting with those extracted from shale and oil sands\u2014activities that emit high levels of greenhouse gases, it said.<br \/> \t\u201cWe are a longstanding partner to the energy sector and we are determined to support the transition to a more sustainable world,\u201d BNP Chief Executive Officer Jean-Laurent Bonnafe said in the statement.<br \/> \tBNP is already targeting $17.7 billion in financing for renewable energy projects by 2020 and $118 million for startups in areas such as power storage and efficiency, it said. The bank has withdrawn from funding coal mines and coal-fired power plants and is no longer supporting companies that are not trying to diversify their energy sources away from the fuel.<br \/> \tUS oil and gas output has surged over the past six years as drillers unlocked oil trapped in shale formations, partly by injecting water, sand and chemicals under high pressure to crack open reservoirs. The process known as hydraulic fracturing\u2014or fracking\u2014has been at the center of controversies about contaminating water sources and causing earthquakes.<br \/> \tMeanwhile, investor sentiment toward oil sands\u2014a heavy crude that is capital intensive to extract\u2014has soured as prices halved from above $100 a barrel over the past three years, with Royal Dutch Shell Plc selling out of its oil sands assets in Canada.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>madaresharghi BNP Paribas SA\u00a0promised to stop financing shale and oil sands projects as part of its latest efforts to tackle climate change. France\u2019s biggest bank\u00a0will no longer do business with companies whose main business stems from oil and gas obtained from shale or oil sands, it said in a statement on Wednesday, Bloomberg reported. The [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[2,8],"tags":[639],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v15.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>French Bank to Halt Funding Shale Oil in Climate Pledge - madaresharghi | An Analytical Look at Middle Eastern Developments<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/madaresharghi.ir\/en\/french-bank-to-halt-funding-shale-oil-in-climate-pledge\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"French Bank to Halt Funding Shale Oil in Climate Pledge - madaresharghi | An Analytical Look at Middle Eastern Developments\" \/>\n<meta property=\"og:description\" content=\"madaresharghi BNP Paribas SA\u00a0promised to stop financing shale and oil sands projects as part of its latest efforts to tackle climate change. France\u2019s biggest bank\u00a0will no longer do business with companies whose main business stems from oil and gas obtained from shale or oil sands, it said in a statement on Wednesday, Bloomberg reported. 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