BNP Paribas to stop funding tobacco industry over health concerns

Author: Ruth David & Fabio Benedetti Valentini, Bloomberg, Published on: 30 November 2017

"BNP Paribas says it will stop funding for tobacco industry", 24 Nov 2017

BNP Paribas SA will cease funding and advising tobacco companies, the latest financial firm to distance itself from the industry over health concerns... The lender joins a number of institutions that are shunning sectors they consider unethical or socially irresponsible. France’s largest insurer Axa SA said last year it would stop investing in tobacco and divest of its assets in the industry, while Bank of New Zealand said this year it would stop investing in weapons, nuclear energy and tobacco companies. Last month BNP Paribas also said it would cease funding shale and oil sand projects as part of its initiative to tackle climate change... Smoking is recognized by the World Health Organization as the main cause of avoidable death in the world... Triggering the move was a recent decision by the U.N. Global Compact to exclude tobacco firms from its initiative for a responsible economy. [also refers to British American Tobacco, Philip Morris International]

Read the full post here

Related companies: AXA BNP Paribas British American Tobacco Philip Morris International