Muddying the waters: our response to BNP Paribas

Reclaim Finance disputes BNP Paribas' claims that its 2020 fossil fuel financing was an exceptional response to the Covid-19 crisis, arguing instead that the bank is the largest European financier of the industry and the 4th largest globally. The organization contends that the bank's sectoral policies are ineffective against oil and gas majors and that its use of the PACTA methodology should not delay immediate action to halt sector expansion.

• BNP Paribas provided $41 billion in fossil fuel financing in 2020, making it the bank that most increased its absolute support for fossil fuels globally between 2019 and 2020. It was the largest European financier of the fossil fuel industry and the 4th largest worldwide in 2020.
• Reclaim Finance rejects the bank's claim that the 2020 financing spike was an exceptional response to the Covid crisis, noting that financing increased by 75% between 2018 and 2019. Furthermore, other major banks saw financing drops in 2020, such as Natixis (-18%), Bank of America (-12%), Bank of China (-7%), Barclays (-9%), and Deutsche Bank (-18%), while total financing from major banks to fossil fuels fell by 9% overall.
• Despite BNP Paribas' claims that financed companies made a 'critical shift' toward the energy transition, analysis from the Climate Action 100+ coalition—which includes BNP Paribas Asset Management—indicates that none of the largest emitters meet the minimum requirements for a credible strategy. These companies continue to plan new projects in the Arctic and shale oil and gas.
• The bank's sectoral policies, while rated highly on paper, have little impact on oil and gas majors because these companies are diversified enough to keep their activity in excluded sectors below the bank's thresholds. For instance, BNP Paribas provided $13 billion in 2020 to BP and Chevron, despite having a policy against shale oil and gas.
• Reclaim Finance argues that BNP Paribas' claim of having a financed power mix less carbon intensive than the global average is misleading, as it is largely a result of the historical legacy of nuclear power in France and the activities of clients like EDF.

APA

admin (2021). Muddying the waters: our response to BNP Paribas. Reclaim Finance. https://reclaimfinance.org/site/en/2021/03/26/muddying-the-waters-our-response-to-bnp-paribas/

Chicago

admin. Muddying the waters: our response to BNP Paribas. Reclaim Finance, 2021. https://reclaimfinance.org/site/en/2021/03/26/muddying-the-waters-our-response-to-bnp-paribas/.

Wikipedia

{{cite press release |last1=admin |title=Muddying the waters: our response to BNP Paribas |publisher=Reclaim Finance |date=26 March 2021 |url=https://reclaimfinance.org/site/en/2021/03/26/muddying-the-waters-our-response-to-bnp-paribas/ |access-date=23 October 2026 |via=Climate Insights Directory}}

BibTeX

@misc{admin2021muddying, author = {admin}, title = {{Muddying the waters: our response to BNP Paribas}}, publisher = {Reclaim Finance}, year = {2021}, month = mar, url = {https://reclaimfinance.org/site/en/2021/03/26/muddying-the-waters-our-response-to-bnp-paribas/}, urldate = {2026-10-23}, note = {Indexed by Climate Insights Directory} }