, France's largest lender, will no longer provide any financing dedicated to the development of new oil and gas fields, the bank said on Thursday, as it reiterated its target of an 80% cut of its oil exploration financing by 2030.
"BNP Paribas no longer provides dedicated financing for the development of new oil and gas fields, regardless of the financing terms," the bank said in a statement.to cut oil exploration financing by 80% by 2030, and on Thursday it confirmed it was on track with its climate change targets for the power generation, oil and gas and automotive sectors.
A group of three climate-minded organisations - Oxfam, Friends of the Earth and Notre Affaire à Tous - which this yearthe bank over its fossil-fuel financing, said the move was a "small step", but added the banks climate policy was still not strict enough.