French banks, insurers must cut coal exposure - central bank
Reuters
Published Nov 29, 2019 12:06AM ET
French banks, insurers must cut coal exposure - central bank
PARIS (Reuters) - French banks and insurers need to cut their exposure to the coal industry, French central bank governor Francois Villeroy de Galhau said in a newspaper interview published on Friday.
Investors are increasingly putting pressure on companies to make concrete steps to helping implement the United Nations-backed 2015 Paris Agreement to avert catastrophic global warming.
In France, banks and insurers - which have been required by law to disclose climate risks since 2016 - are also facing pressure from regulators.
"It is absolutely necessary that the risk of financing coal plants is quickly reduced on French banks' balance sheets," Villeroy told newspaper La Croix.
French bank Societe Generale (PA:SOGN) and French insurer AXA (PA:AXAF) said this week they would exit the coal sector by 2030 in OECD countries and by 2040 for the rest the world.
French bank BNP Paribas (PA:BNPP) said last week that it would stop financing the thermal coal sector by 2030 in the European Union and 2040 worldwide.
Get The News You Want
Written By: Reuters
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.