Climate Finance Day : la finance française face à l'expansion du pétrole et du gaz

Reclaim Finance criticizes the French financial center for continuing to fund the expansion of fossil fuels despite scientific warnings. While a few institutions like La Banque Postale, MAIF, and Ircantec have committed to exiting oil, gas, and unconventional hydrocarbons by 2030, the document claims most French banks and insurers, including AXA, remain supportive of the industry. It specifically highlights TotalEnergies' plans to increase gas production by 35% by 2030 and calls on the French government to implement a mandatory regulatory framework to end fossil fuel financing.

• Scientific consensus and international bodies, including the IEA and the UN, indicate that investment in new oil and gas fields should have ceased by 2021 to limit warming to 1.5 °C, requiring that most reserves remain unextracted, particularly in the Arctic and shale gas/oil.
• Major oil and gas companies continue to prioritize fossil fuel expansion; for example, TotalEnergies plans a 35% increase in gas production between 2019 and 2030, with hydrocarbons expected to represent 80% of its investment expenditures by 2030.
• French banks have provided significant funding to fossil fuel developers, including over $17 billion for shale hydrocarbon producers between January 2020 and March 2021, and $31.2 billion for Arctic hydrocarbon developers between 2016 and 2020.
• A small number of French financial actors have committed to climate imperatives: La Banque Postale committed to a total exit from oil and gas by 2030 on October 14, 2021; MAIF committed to ending oil and gas expansion and exiting unconventional hydrocarbons by 2030 on October 21; and Ircantec announced the exclusion of 95% of companies involved in unconventional hydrocarbons starting in 2022.
• The document asserts that without a robust and binding regulatory framework from the French government, the financial center will continue to support the expansion of the oil and gas industry.

APA

admin (2021). Climate Finance Day : la finance française face à l'expansion du pétrole et du gaz. Reclaim Finance. https://reclaimfinance.org/site/2021/10/25/climate-finance-day-la-finance-francaise-face-a-lexpansion-du-petrole-et-du-gaz/

Chicago

admin. Climate Finance Day : la finance française face à l'expansion du pétrole et du gaz. Reclaim Finance, 2021. https://reclaimfinance.org/site/2021/10/25/climate-finance-day-la-finance-francaise-face-a-lexpansion-du-petrole-et-du-gaz/.

Wikipedia

{{cite press release |last1=admin |title=Climate Finance Day : la finance française face à l'expansion du pétrole et du gaz |publisher=Reclaim Finance |date=25 October 2021 |url=https://reclaimfinance.org/site/2021/10/25/climate-finance-day-la-finance-francaise-face-a-lexpansion-du-petrole-et-du-gaz/ |access-date=23 October 2026 |via=Climate Insights Directory}}

BibTeX

@misc{admin2021climate, author = {admin}, title = {{Climate Finance Day : la finance française face à l'expansion du pétrole et du gaz}}, publisher = {Reclaim Finance}, year = {2021}, month = oct, url = {https://reclaimfinance.org/site/2021/10/25/climate-finance-day-la-finance-francaise-face-a-lexpansion-du-petrole-et-du-gaz/}, urldate = {2026-10-23}, note = {Indexed by Climate Insights Directory} }