{"id":4847,"date":"2020-07-02T10:53:20","date_gmt":"2020-07-02T08:53:20","guid":{"rendered":"https:\/\/reclaimfinance.org\/site\/?p=4847"},"modified":"2023-03-03T16:01:29","modified_gmt":"2023-03-03T15:01:29","slug":"bnp-paribas-exits-the-coal-power-sector","status":"publish","type":"post","link":"https:\/\/reclaimfinance.org\/site\/en\/2020\/07\/02\/bnp-paribas-exits-the-coal-power-sector\/","title":{"rendered":"BNP Paribas commits to no longer finance companies with no strategy to exit the coal power sector"},"content":{"rendered":"

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BNP Paribas announces new measures [1] to phase out coal power. It lays out the strategy to reduce to zero its exposure to coal-fired electricity by 2030 in EU and OECD countries, and by 2040 in all other countries of the world. Reclaim Finance welcomes the measures announced and calls other international banks to follow in order to actively support the urgent phase-out of the coal sector.<\/span> <\/b><\/p>\n

To achieve these ambitious goals, BNP Paribas commits to stop financing [2] companies that would add, in any way, new electricity production capacities to their coal-fired power plants, whether through purchasing, the expansion of existing plants or the construction of new ones. Companies such as the South-Korean KEPCO, the Japanese Marubeni or the Indonesian PLN, who are all still planning on building new coal-fired power plants in many countries throughout the world [3], will therefore no longer be able to benefit from BNP Paribas\u2019 support. <\/span><\/p>\n

In addition, BNP Paribas aims at financing only companies that have adopted a clear coal exit strategy, with a timeline that specifies the different steps that will lead them to no longer possess or operate coal-fired power plants in EU and OECD countries before 2030, and in all other countries before 2040. <\/span><\/p>\n