TotalEnergies has just issued a new US$3 billion bond, the second this year following a US$4.25 billion issue in April. Among the banks involved in these bonds are Société Générale and Banque Populaire Caisse d’Epargne (BPCE), which will undermine the credibility of their climate commitments. BNP Paribas and Crédit Agricole, on the other hand, did not take part in these bonds, in line with their announcements that they would no longer support this type of financing for oil and gas companies. While this clearly confirms the dividing line that emerged in the first half of 2024 between pro-climate banks and those with climate-denying behaviors, one blind spot remains in BNP Paribas and Crédit Agricole’s roadmap: liquefied natural gas.
