Les obligations des banques européennes face à l'expansion pétrolière et gazière : analyse 2021-2025

Between 2021 and 2025, 19 major European banks facilitated 216 bond issuances for oil and gas developers, raising 219 billion euros. The report highlights that 2025 saw the highest number of such issuances, with Barclays, Deutsche Bank, BBVA, Santander, and Standard Chartered as the top facilitators. It argues that bond markets have become a critical funding source for fossil fuel expansion and criticizes the 'facilitated emissions' formulas used in bank climate policies as inadequate, urging a shift toward 'sector portfolio financing volume' (SPFV) targets and total exclusion policies across the entire value chain.

• Between 2021 and 2025, 19 of the largest European banks facilitated 216 bond issuances on capital markets for companies developing new oil and gas projects (including exploration, production, and transport), raising a total of 219 billion euros.
• The year 2025 marked the peak in the number of bond issuances facilitated by European banks since 2021, contributing to 60 billion euros raised. The five banks most active in facilitating these issuances in 2025 were Barclays, Deutsche Bank, BBVA, Santander, and Standard Chartered.
• Corporate bonds have become a primary funding mechanism for fossil fuel expansion; in 2023 and 2024, 51% of bank financing for companies involved in fossil fuel expansion was raised via corporate bonds.
• Most European banks have climate goals that only cover loans, leaving capital markets activities as a blind spot. Only Standard Chartered, Barclays, and HSBC have goals that include the facilitation of bonds and shares, but the 'facilitated emissions' formula used is criticized because it can show a decrease in emissions if a company's value increases, even if actual emissions remain constant or rise.
• While BNP Paribas and Crédit Agricole committed in 2024 to stop participating in oil and gas producer bond issuances, the report notes that Crédit Agricole still appeared in several 2025 issuances for midstream developers, such as Energy Transfer.

APA

Manickawasagar, A. (2026). Les obligations des banques européennes face à l'expansion pétrolière et gazière : analyse 2021-2025. Reclaim Finance. https://reclaimfinance.org/site/2026/03/27/les-obligations-des-banques-europeennes-face-a-lexpansion-petroliere-et-gaziere-analyse-2021-2025/

Chicago

Manickawasagar, Aatiraï. Les obligations des banques européennes face à l'expansion pétrolière et gazière : analyse 2021-2025. Reclaim Finance, 2026. https://reclaimfinance.org/site/2026/03/27/les-obligations-des-banques-europeennes-face-a-lexpansion-petroliere-et-gaziere-analyse-2021-2025/.

Wikipedia

{{cite report |last1=Manickawasagar |first1=Aatiraï |title=Les obligations des banques européennes face à l'expansion pétrolière et gazière : analyse 2021-2025 |publisher=Reclaim Finance |date=27 March 2026 |url=https://reclaimfinance.org/site/2026/03/27/les-obligations-des-banques-europeennes-face-a-lexpansion-petroliere-et-gaziere-analyse-2021-2025/ |access-date=23 October 2026 |via=Climate Insights Directory}}

BibTeX

@techreport{manickawasagar2026les, author = {Manickawasagar, Aatiraï}, title = {{Les obligations des banques européennes face à l'expansion pétrolière et gazière : analyse 2021-2025}}, institution = {Reclaim Finance}, year = {2026}, month = mar, url = {https://reclaimfinance.org/site/2026/03/27/les-obligations-des-banques-europeennes-face-a-lexpansion-petroliere-et-gaziere-analyse-2021-2025/}, urldate = {2026-10-23}, note = {Indexed by Climate Insights Directory} }