French Bank Commits To Reducing Oil And Gas Lending By 80%

French bank BNP Paribas has made a commitment to reduce lending to the oil and gas industry by 80 percent by 2030 as part of entering a new phase in its decarbonization efforts. In a press release, the bank reported it had already stopped lending to new oil projects in 2016 and planned to reduce current funding for oil production by 25 percent by next year. It would also exit coal, with the process to be finalized by 2030. BNP Paribas also noted its outstanding loans for low-carbon energy projects were about 20 percent higher than its exposure…