DOWNLOAD| European banks are more prone to financing green energy as opposed to fossil fuels.
BNP Paribas, which is Europe’s largest oil and gas lender and one of the top banks globally in terms of providing capital to the international oil majors, announced it will no longer be financing new upstream developments as it aims to reduce its upstream exploration and production (E&P) exposure by 80% by 2030 and seeks to align its credit portfolio with net zero climate targets.
Moves like these from banks with a history of funding oil and gas projects can be significant blows to the sector globally and especially to the sector in Africa which already faces the hurdles of a relatively unsafe business environment as opposed to other regions in the world. Both the banks specifically announced stopping financing newer oil and gas developments and similar strategies from more financial institutions can prove to be serious issues for Africa.
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#GreenEnergy #FossilFuels #UpstreamDevelopment #ClimateTargets #NetZero #OilAndGas #Africa #FinancialInstitutions