2023-05-12 06:30:50
A few weeks after the publication of the IPCC report, the 2023 general assembly season opens. The NGO Reclaim Finance wants to take the opportunity to challenge companies, their shareholders and their financiers on their support for new oil and gas fields.
“It has now been two years since the International Energy Agency projected a halt to the development of new oil and gas production projects in its scenario aimed at limiting global warming to 1.5°C, recalls Lucie Pinson, founder and director of Reclaim Finance. Despite the war in Ukraine, the IEA reiterated this message in its second NZE scenario (“Net Zero Emissions”, net zero emissions by 2050, editor’s note), published in October 2022. The scenario also projects the shutdown of new LNG terminals, import or export of liquefied natural gas. »
However, while scientific warnings call for reducing greenhouse gas emissions, reducing oil and gas production, and avoiding any new fossil energy projects, French financial institutions are defending their continued support for the oil and gas expansion in the name of energy security. The NGO Reclaim Finance intends to take advantage of the 2023 general assembly (GA) season to denounce this position. After the AGs of Engie and Axa on April 26 and 27, the biggest is yet to come: the AG of Amundi, management company of the Crédit Agricole group, will be held on May 12. General meetings of BNP Paribas (May 16), Crédit Agricole (May 17), Société Générale (May 23), then Scor (May 25) and TotalEnergies (May 26) will follow.
Challenge banks, insurers and TotalEnergies
These major banks, insurance companies and TotalEnergies are part of alliances to achieve carbon neutrality. “During this season of general meetings, we will again challenge them on their greenwashing and the difference between their practices and their speeches, warns Lucie Pinson. We want to remind them that behind their continued support for oil and gas expansion, there are ecosystems and, above all, human lives that have already been impacted. »
The NGO has brought in representatives of local communities affected and mobilized against major fossil energy projects to challenge the financial players, TotalEnergies in the lead. “For the banking or financial sector, we will challenge the management of companies on their support for projects against which the invited representatives are mobilized”warns Lucie Pinson.
Reclaim Finance hopes to be able to ask a follow-up question on the support of these financial players for oil and gas expansion, but also on their lack of support for the energy transition. Because it is indeed a question of redirecting the financing of fossil energies towards alternative solutions, in particular the production of renewable electricity. Lucie Pinson recalls: “According to the International Energy Agency’s Net-Zero scenario, investments in energy transition must be tripled by 2030. For one euro in fossil fuels, five must be invested in production and distribution. of renewable energies. »
An encouraging signal: while BNP Paribas is the first European bank to finance the expansion of fossil fuels, according to the report Banking On Climate Chaos published by several NGOs in April 2023, it announced on May 11, 2023 that it had updated its climate policy on Thursday. “BNP Paribas no longer grants financing dedicated to the development of new oil or gas fields, regardless of the financing methods”she announces via press release. In other words, it will no longer finance these projects directly, but may nevertheless continue to finance the companies carrying out these projects. By 2030, the objective of reducing BNP Paribas’ financing is 80% for oil exploration-production, 30% for gas exploration-production compared to the end of September 2022.
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