Multinational bank BNP Paribas to face climate lawsuit


BNP Paribas have been sued by three non-governmental organisations due to a failure to comply with the country’s duty of vigilance law regarding climate change.

According to ESG Investor, Friends of the Earth France, Oxfam France and Notre Affaire à Tous will take the large bank to court.

In a statement, the NGOs claimed BNP Paribas was the most polluting bank in France, and also the leading European funder of fossil fuel development between 2016 and 2021.

The legal action is based on France’s duty of vigilance law. The law, adopted in 2017, requires multinationals to take measures to identify and prevent the risks of serious violations of human rights, human health and safety and the environment caused by their own activities.

Friends of the Earth France campaigner Lorette Philippot said, “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 organisations, 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.”

Keep up with all the latest FinTech news here.

Copyright © 2023 FinTech Global

Enjoying the stories?

Subscribe to our daily FinTech newsletter and get the latest industry news & research


The following investor(s) were tagged in this article.