France: 3 NGOs file climate lawsuit against BNP Paribas over alleged failure to comply with French duty of vigilance law
"French NGOs take BNP Paribas to court in world’s first climate lawsuit against a commercial bank", 23 Feb 2023
Friends of the Earth (Les Amis de la Terre) France, Notre Affaire à Tous and Oxfam France, who had given BNP Paribas formal notice to comply with its due diligence obligations on 26 October, sued BNP Paribas over its massive support to fossil fuels and for its substantial contribution to climate change. BNP Paribas is Europe’s largest and fifth worldwide funder of fossil fuel expansion: the three organizations urge the bank to immediately stop financing this expansion and to adopt an oil and gas exit plan. This is the world's first climate lawsuit against a commercial bank...
Lorette Philippot, Campaigner at Friends of the Earth France: "...Following strong pressure from civil society, and willingness to protect its own reputation, a month ago BNP Paribas committed to reduce its outstanding financing for oil and gas extraction and production by 2030. However, neither these public promises, nor the official reply given by the bank to the lawyers representing the three organizations, are enough. At this stage, the bank still does not require its clients active in the oil and gas industry to immediately stop developing new fossil fuel projects and engage in a progressive exit from the sector...."