{"id":10872,"date":"2021-04-22T18:25:20","date_gmt":"2021-04-22T16:25:20","guid":{"rendered":"https:\/\/reclaimfinance.org\/site\/?p=10872"},"modified":"2023-02-14T17:59:09","modified_gmt":"2023-02-14T16:59:09","slug":"leading-french-banks-pledge-not-to-support-totals-eacop-project","status":"publish","type":"post","link":"https:\/\/reclaimfinance.org\/site\/en\/2021\/04\/22\/leading-french-banks-pledge-not-to-support-totals-eacop-project\/","title":{"rendered":"Leading French Banks Pledge Not to Support Total\u2019s EACOP Project"},"content":{"rendered":"<p><div class=\"fusion-fullwidth fullwidth-box fusion-builder-row-1 nonhundred-percent-fullwidth non-hundred-percent-height-scrolling\" style=\"--awb-border-radius-top-left:0px;--awb-border-radius-top-right:0px;--awb-border-radius-bottom-right:0px;--awb-border-radius-bottom-left:0px;--awb-flex-wrap:wrap;\" ><div class=\"fusion-builder-row fusion-row\"><div class=\"fusion-layout-column fusion_builder_column fusion-builder-column-0 fusion_builder_column_1_1 1_1 fusion-one-full fusion-column-first fusion-column-last\" style=\"--awb-bg-size:cover;--awb-margin-bottom:0px;\"><div class=\"fusion-column-wrapper fusion-flex-column-wrapper-legacy\"><div class=\"fusion-text fusion-text-1\"><p style=\"text-align: justify;\"><b style=\"color: #8ac56b; font-family: var(--body_typography-font-family); font-size: var(--body_typography-font-size); font-style: var(--body_typography-font-style,normal); letter-spacing: var(--body_typography-letter-spacing);\">Paris, 22nd April 2021 &#8211; French banks BNP Paribas, Soci\u00e9t\u00e9 G\u00e9n\u00e9rale and Cr\u00e9dit Agricole have <u><span><a style=\"color: #8ac56b;\" title=\"\" href=\"https:\/\/www.lesechos.fr\/finance-marches\/banque-assurances\/bnp-societe-generale-et-credit-agricole-ne-financeront-pas-le-projet-de-total-en-ouganda-1308843\" target=\"_blank\" rel=\"noopener\">committed<\/a><\/span><\/u> not to provide project financing to the highly destructive and controversial EACOP project, just two weeks after Total signed a series of agreements with the Ugandan and Tanzanian governments to start the construction of the pipeline. <\/b><\/p>\n<p align=\"justify\">First <u><a title=\"\" href=\"https:\/\/www.lesechos.fr\/finance-marches\/banque-assurances\/bnp-societe-generale-et-credit-agricole-ne-financeront-pas-le-projet-de-total-en-ouganda-1308843\" target=\"_blank\" rel=\"noopener\">reported<\/a><\/u> by French media outlet Les Echos, the commitment comes after <u><a href=\"https:\/\/reclaimfinance.org\/site\/en\/2021\/04\/12\/french-oil-company-total-defends-the-indefensible-as-investment-decision-is-signed-for-a-massive-climate-destroying-crude-oil-pipeline-in-east-africa\/\" target=\"_blank\" rel=\"noopener noreferrer\">pressure<\/a><\/u> from campaigners, including a recent <a title=\"\" href=\"https:\/\/www.banktrack.org\/download\/open_letter_from_over_260_civil_society_organisations_to_banks_on_eacop\/210301_eacop_open_letter_to_banks_2.pdf\" target=\"_blank\" rel=\"noopener\"><u>open letter<\/u><\/a> from more than 260 African and international organizations to 25 banks urging them not to finance the construction of the EACOP (1). The decision means that six banks have now committed to steer clear of the project, after Barclays, Credit Suisse and ANZ made similar commitments (2).<\/p>\n<p align=\"justify\">The commitment from three long-time financial backers of the French oil and gas major constitutes a major snub to Total, which has been attempting to rebrand itself as a responsible company in a process of transition. Reclaim Finance welcomes the French banks\u2019 commitment and calls on Natixis to follow suit. However, the NGO is also <strong>calling on the banks to go further and condition all further financing to Total on a commitment to no longer develop new oil and gas production projects<\/strong>, starting with the dirtiest and riskiest ones, such as those planned in the Arctic.<\/p>\n<p align=\"justify\"><strong>The four largest French banks have <a href=\"http:\/\/www.bankingonclimatechaos.org\/\" target=\"_blank\" rel=\"noopener noreferrer\" style=\"\">g<u>ranted<\/u><\/a> more than $16 billion in financing to Total SE between 2016 and 2020<\/strong>, in the form of loans, equity, and bond issuance. Cr\u00e9dit Agricole takes first place with $7.3 billion of financing, followed by BNP Paribas with nearly $6 billion (3).<\/p>\n<blockquote>\n<p align=\"justify\"><strong>Lucie Pinson, Founder and Director at Reclaim Finance, said<\/strong>: \u201cWe welcome this decision, which constitutes a major blow for this polluting and unjust pipeline. Natixis and other international banks should now follow their lead. But while the top French banks rightly refuse to fund this socially and environmentally damaging project, they are turning a blind eye to the rest of Total\u2019s destructive activities. If they are serious about climate action, banks should condition all further financing to Total on an end to new oil and gas projects. Given Total shows no sign of giving up its fossil fuel hunger (4), investors should also take action and vote against the major\u2019s climate strategy at its upcoming AGM.\u201d<\/p>\n<\/blockquote>\n<blockquote>\n<p align=\"justify\"><strong>Ryan Brightwell, Researcher and Editor, BankTrack said<\/strong>: \u201cThis welcome signal from the French banks means more doors closing on Total\u2019s efforts to get this extremely risky and damaging project financed. No responsible bank should support the building of a massive crude oil pipeline in the midst of a climate crisis, particularly one with impacts of this magnitude on nature and human rights. It\u2019s high time for Standard Bank, SMBC and ICBC as the project\u2019s financial advisors, to take these concerns seriously and withdraw their support.\u201d<\/p>\n<\/blockquote>\n<p align=\"justify\">The decision of the French banks comes amidst attempts Total is trying to rebrand itself as a responsible energy company, encapsulated in a name change to TotalEnergies. Total will consult its shareholders at its AGM next month on a climate strategy which has been criticized by environmentalists (5).<\/p>\n<p align=\"justify\"><strong>French investors hold more than $13.8 billion in Total SE<\/strong>, the vast majority in equity, with more than 96% concentrated among a dozen asset managers. Amundi\/Cr\u00e9dit Agricole holds nearly $9.7 billion, notably via the Plan Epargne Enterprise savings scheme, making it the world\u2019s second largest shareholder in Total after BlackRock.<\/p>\n<blockquote>\n<p align=\"justify\"><strong>Chris Hohn from the respected Children\u2019s Investment Fund Foundation<\/strong>, which leads the Say on Climate Initiative, <strong>yesterday remarked<\/strong> (6): \u201cIt\u2019s obvious that shareholders should vote against Shell\u2019s and Total\u2019s proposed transition plans and against directors. It\u2019s important that the world calls out those investors that don\u2019t do so, both through shame and removing business from them.\u201d<\/p>\n<p align=\"justify\">\u201cFive-year targets are key. Without near-term targets, we\u2019re not going to get anywhere, we\u2019ll have vague commitments that don\u2019t do anything. Targets and a plan to back them up are fundamental to the change we need.<\/p>\n<p align=\"justify\">\u201cIt\u2019s absolute greenwashing and hypocrisy to say we\u2019re supporting all this great stuff on climate and then support plans that don\u2019t lead to any reductions.\u201d<\/p>\n<\/blockquote>\n<\/div><div class=\"fusion-clearfix\"><\/div><\/div><\/div><\/div><\/div><div class=\"fusion-fullwidth fullwidth-box fusion-builder-row-2 fusion-flex-container nonhundred-percent-fullwidth non-hundred-percent-height-scrolling\" style=\"--awb-border-sizes-top:0;--awb-border-sizes-bottom:0;--awb-border-sizes-left:0;--awb-border-sizes-right:0;--awb-border-color:#ffffff;--awb-border-radius-top-left:0px;--awb-border-radius-top-right:0px;--awb-border-radius-bottom-right:0px;--awb-border-radius-bottom-left:0px;--awb-padding-top:10px;--awb-padding-right:10px;--awb-padding-bottom:0px;--awb-padding-left:10px;--awb-flex-wrap:wrap;\" ><div class=\"fusion-builder-row fusion-row fusion-flex-align-items-flex-start fusion-flex-content-wrap\" style=\"max-width:1216.8px;margin-left: calc(-4% \/ 2 );margin-right: calc(-4% \/ 2 );\"><div class=\"fusion-layout-column fusion_builder_column fusion-builder-column-1 fusion_builder_column_1_1 1_1 fusion-flex-column\" style=\"--awb-padding-top:10px;--awb-padding-right:10px;--awb-padding-left:10px;--awb-overflow:hidden;--awb-bg-size:cover;--awb-border-color:#ffffff;--awb-border-top:1px;--awb-border-right:1px;--awb-border-bottom:1px;--awb-border-left:1px;--awb-border-style:solid;--awb-border-radius:10px 10px 10px 10px;--awb-width-large:100%;--awb-margin-top-large:0px;--awb-spacing-right-large:1.92%;--awb-margin-bottom-large:20px;--awb-spacing-left-large:1.92%;--awb-width-medium:100%;--awb-order-medium:0;--awb-spacing-right-medium:1.92%;--awb-spacing-left-medium:1.92%;--awb-width-small:100%;--awb-order-small:0;--awb-spacing-right-small:1.92%;--awb-spacing-left-small:1.92%;\"><div class=\"fusion-column-wrapper fusion-column-has-shadow fusion-flex-justify-content-flex-start fusion-content-layout-column\"><div class=\"fusion-text fusion-text-2\"><p><span style=\"color: var(--body_typography-color); font-family: var(--body_typography-font-family); font-size: var(--body_typography-font-size); font-style: var(--body_typography-font-style,normal); letter-spacing: var(--body_typography-letter-spacing);\"><b><u>Press contacts:<\/u><\/b><\/span><\/p>\n<p>Lucie Pinson | founder and executive director of Reclaim Finance | +33 (0)6 79 54 37 15 | lucie@reclaimfinance.org | @Lucie_Pinson_<\/p>\n<p>Angus Satow | Press Officer at Reclaim Finance | angus@reclaimfinance.org<\/p>\n<p><b><u>Notes<\/u><\/b><\/p>\n<p>1) The Stop EACOP alliance is a local activist and community-led initiative aiming to stop the EACOP, and is supported by an international coalition of climate groups. You can find out more <u><a href=\"https:\/\/www.stopeacop.net\/\" target=\"_blank\" rel=\"noopener noreferrer\">here<\/a><\/u>.<\/p>\n<p>2) See more on Barclays and Credit Suisse\u2019s decision <u><a href=\"https:\/\/www.stopeacop.net\/our-news\/barclays-and-credit-suisse-rule-out-supporting-east-african-crude-oil-pipeline-in-the-face-of-growing-community-concern\" target=\"_blank\" rel=\"noopener noreferrer\">here<\/a><\/u>, and the full list of banks withdrawing <u><a href=\"https:\/\/www.stopeacop.net\/banks-checklist%20is\" target=\"_blank\" rel=\"noopener noreferrer\">here<\/a><\/u>.<\/p>\n<p>3) See the 2021 Banking on Climate Chaos <u><a href=\"http:\/\/www.bankingonclimatechaos.org\/\" target=\"_blank\" rel=\"noopener noreferrer\">report<\/a><\/u>, authored by RAN, Reclaim Finance and four other organizations.<\/p>\n<p>4) See Reclaim Finance\u2019s <a href=\"https:\/\/reclaimfinance.org\/site\/wp-content\/uploads\/2021\/02\/Pipeline-of-Pollution-Total-responsible-Finance-complicit.pdf\" target=\"_blank\" rel=\"noopener noreferrer\">report <\/a>of February this year on Total\u2019s climate plans.<\/p>\n<p>5) See Reclaim Finance\u2019s <u><a href=\"https:\/\/reclaimfinance.org\/site\/en\/2021\/04\/02\/climate-total-offers-crumbs-ahead-of-its-agm\/\" target=\"_blank\" rel=\"noopener noreferrer\">press release<\/a><\/u>.<\/p>\n<p>6) Watch Chris Hohn\u2019s intervention at the <u><a href=\"https:\/\/vimeo.com\/539028253\/af85dbc88a\" target=\"_blank\" rel=\"noopener noreferrer\">Follow this Symposium<\/a>.<\/u><\/p>\n<\/div><\/div><\/div><\/div><\/div><\/p>\n","protected":false},"excerpt":{"rendered":"","protected":false},"author":28,"featured_media":8905,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[226],"tags":[209,1042,721,215],"acteurs_financiers":[2442],"thematique":[2423,2419],"webinar_type":[],"programme":[],"class_list":["post-10872","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-press-release","tag-bnp-paribas","tag-eacop","tag-finance-en","tag-societe-generale-en","acteurs_financiers-banks","thematique-fossil-fuels","thematique-oil-and-gas-en"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v23.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Leading French Banks Pledge Not to Support Total\u2019s EACOP Project - Reclaim Finance<\/title>\n<meta name=\"description\" content=\"Created in 2017, the PPCA brings together states, local governments, financial institutions, and companies to promote the exit from coal. The problem is that not all its members are moving towards this exit. Financial institutions members of the alliance are specially to blame, as the vast majority continue to finance coal, and even its development.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/reclaimfinance.org\/site\/en\/2021\/04\/22\/leading-french-banks-pledge-not-to-support-totals-eacop-project\/\" \/>\n<meta property=\"og:locale\" content=\"fr_FR\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Leading French Banks Pledge Not to Support Total\u2019s EACOP Project - Reclaim Finance\" \/>\n<meta property=\"og:description\" content=\"Created in 2017, the PPCA brings together states, local governments, financial institutions, and companies to promote the exit from coal. The problem is that not all its members are moving towards this exit. 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