The climate litmus test: for or against oil and gas expansion

The statement calls for an immediate end to the financing of conventional and unconventional oil and gas expansion in France. It contrasts the recommendations of French regulators (ACPR and AMF) with the actions of Minister Bruno Le Maire and major banks like BNP Paribas, which it claims maintain the status quo. While some investors and banks like La Banque Postale and Crédit Mutuel have committed to ending support for new projects, the document asserts that many others use 'diversion strategies' or flawed policies to continue backing oil and gas majors, specifically TotalEnergies.

• French regulators, specifically the ACPR and AMF, have identified an increase in hydrocarbon support since 2015 and have urged the French financial center to establish robust policies on all fossil fuels, including a timeline for phasing out unconventional hydrocarbons.
• The document criticizes Minister Bruno Le Maire for ignoring calls for robust oil and gas policies, arguing that his focus on reducing the 'carbon intensity' of investments is a diversion that does not necessarily end support for new oil and gas projects.
• Major French banks, including BNP Paribas, Société Générale, Crédit Agricole, and BPCE-Natixis, are accused of maintaining the status quo by adopting flawed policies that allow continued support for new oil and gas projects; for instance, BNP Paribas tripled its support for shale oil and gas between 2019 and 2020.
• TotalEnergies is identified as continuing to expand its hydrocarbon footprint despite carbon neutrality claims, with plans to increase gas production by 35% between 2019 and 2030 and allocate 80% of its capital expenditure to hydrocarbons by 2030.
• A shift toward exclusionary policies is emerging among some French financial actors, with La Banque Postale, Crédit Mutuel, Ircantec, and MAIF announcing ends to support for new oil and gas projects.

APA

admin (2021). The climate litmus test: for or against oil and gas expansion. Reclaim Finance. https://reclaimfinance.org/site/en/2021/11/05/the-climate-litmus-test-for-or-against-oil-and-gas-expansion/

Chicago

admin. The climate litmus test: for or against oil and gas expansion. Reclaim Finance, 2021. https://reclaimfinance.org/site/en/2021/11/05/the-climate-litmus-test-for-or-against-oil-and-gas-expansion/.

Wikipedia

{{cite press release |last1=admin |title=The climate litmus test: for or against oil and gas expansion |publisher=Reclaim Finance |date=5 November 2021 |url=https://reclaimfinance.org/site/en/2021/11/05/the-climate-litmus-test-for-or-against-oil-and-gas-expansion/ |access-date=23 October 2026 |via=Climate Insights Directory}}

BibTeX

@misc{admin2021climate, author = {admin}, title = {{The climate litmus test: for or against oil and gas expansion}}, publisher = {Reclaim Finance}, year = {2021}, month = nov, url = {https://reclaimfinance.org/site/en/2021/11/05/the-climate-litmus-test-for-or-against-oil-and-gas-expansion/}, urldate = {2026-10-23}, note = {Indexed by Climate Insights Directory} }