BNP Paribas stops financing new oil and gas projects

French banking and financial group BNP Paribas will no longer provide any financing dedicated to the development of new oil and gas fields regardless of the financing methods, Report informs referring to the company’s website.

In the oil sector, BNP Paribas will reduce its financing of oil exploration and production by 80% by 2030.

BNP Paribas was formed in 2000 as a result of the merger of the Banque Nationale de Paris (BNP) and the investment bank Paribas.