European lender BNP Paribas says it will no longer provide financing to projects dedicated to the extraction of metallurgical coal, Kallanish notes.
The bank says in its updated sector policy on the mining industry that this new commitment is part of the bank’s efforts to align its credit portfolio in the steel sector with its “net zero” commitment.
In 2022 and 2023, BNP Paribas set targets to reduce the intensity of carbon emissions financed in six sectors (oil and gas, electricity generation, automotive, steel, aluminium, and cement).
BNP Paribas recalls that since 2020 it has been committed to a path towards a complete exit from the financing of the entire value chain of companies linked to thermal coal by 2030 in Europe and in the OECD countries, and by 2040 in the rest of the world.
Siew Mung Tan Malaysia
