{"id":3734,"date":"2020-05-27T14:13:24","date_gmt":"2020-05-27T12:13:24","guid":{"rendered":"https:\/\/reclaimfinance.org\/site\/?p=3734"},"modified":"2023-03-03T16:14:44","modified_gmt":"2023-03-03T15:14:44","slug":"the-paris-financial-center-at-the-bottom-of-the-well-french-financial-support-to-shale-oil-and-gas","status":"publish","type":"post","link":"https:\/\/reclaimfinance.org\/site\/en\/2020\/05\/27\/the-paris-financial-center-at-the-bottom-of-the-well-french-financial-support-to-shale-oil-and-gas\/","title":{"rendered":"The Paris financial center at the bottom of the well: French financial support to shale oil and gas"},"content":{"rendered":"

In May 2020, Friends of the Earth France and Reclaim Finance published a report revealing that French banks and investors significantly support North American shale oil and gas. Entitled \u201cThe Paris Financial Center at the Bottom of the Well\u201d, the report also gathers information about the climate, environmental, sanitary, and financial risks that this sector concentrates. <\/strong><\/p>\n

The Covid crisis and the oil crash shed a light on the already-known high risks linked to shale oil and gas. Despite many warnings, financial actors choose to remain over-exposed to these risks. Almost all French banks, insurers and asset managers did not even commit to limit their activities in shale oil and gas. <\/span><\/p>\n

Reclaim Finance and Friends of the Earth France call on the end of public and private support to the whole sector, and the adoption of policies and rules that align French financial practices with the imperatives to stop shale oil and gas expansion and program its complete phase-out. <\/span><\/p>\n

What we need to remember when it comes to French financial institutions funding shale oil and gas:<\/strong><\/h3>\n