SUBSCRIBE TO OUR FREE NEWSLETTER
Daily news & progressive opinion—funded by the people, not the corporations—delivered straight to your inbox.
5
#000000
#FFFFFF
5
#000000
#FFFFFF
For Immediate Release
October, 26 2022, 08:42am EDT
Contact:
Phone
+1 617 482 1211 (Toll-free 1-800-77-OXFAM)
Climate NGOs take unprecedented legal action against number one European financier of fossil fuel expansion, BNP Paribas
On the eve of Climate Finance Day, an international finance event held annually in Paris, BNP Paribas - the number one financier of fossil fuel expansion in Europe and fifth in the world - was given three months to comply with the French duty of vigilance law. This legal action was taken by the NGOs Oxfam France, Friends of the Earth France and Notre Affaire a Tous. This is the first step towards an unprecedented climate litigation case - the first in the world to target a commercial bank for its high-risk activities in the oil and gas sector.
WASHINGTON
On the eve of Climate Finance Day, an international finance event held annually in Paris, BNP Paribas - the number one financier of fossil fuel expansion in Europe and fifth in the world - was given three months to comply with the French duty of vigilance law. This legal action was taken by the NGOs Oxfam France, Friends of the Earth France and Notre Affaire a Tous. This is the first step towards an unprecedented climate litigation case - the first in the world to target a commercial bank for its high-risk activities in the oil and gas sector.
For more than 10 years, Oxfam France, Friends of the Earth France and Notre Affaire a Tous spoke out about the role of the financial sector in fueling the climate crisis. The NGOs engaged intensively with French banks and the French government to prevent dodgy transactions benefiting the coal, oil and gas industries. They are now taking legal action warning BNP Paribas to immediately stop supporting - both directly and indirectly - new fossil fuel projects and comply with the Paris goal of limiting global warming to 1.5degC.
The impact of the financial sector on the climate is felt by banks financing and investing in fossil fuel companies. BNP Paribas stands out in this respect. Despite repeated calls to stop new fossil fuel investments from the scientific community, the United Nations and the International Energy Agency, the French bank continues to feed the most aggressive companies responsible for developing new oil and gas fields and infrastructures. This carries a heavy cost. In 2020, the carbon footprint of BNP Paribas was larger than that of the French territory.
Lorette Philippot, campaigner at Friends of the Earth France said: "We already know the names of the biggest oil and gas companies, including Total, who continue to turn a blind eye to the tragedies caused by the climate crisis, by planning dozens of new fossil fuel projects around the world. We are now warning of BNP Paribas, the number one financier of the eight European and North American oil and gas majors to press the detonator of these carbon bombs."
Our dependency on fossil fuels has left us defenseless against soaring energy prices with the poorest families being hit the hardest. We need to urgently stop those responsible and prevent them from dragging us into another crisis. The situation is unbearable. This is why the NGOs have decided to confront the root of this systemic dependence on fossil fuels: their financial backing.
Alexandre Poidatz, advocacy officer at Oxfam France said: "Each new fossil fuel project financed by BNP Paribas means more droughts, floods, forest fires, and also higher energy prices for people. We need to make sure that today's investments shape a better world tomorrow".
The NGOs took unprecedented legal action against BNP Paribas to abide by its legal obligations under the 2017 French duty of vigilance law within 3 months. The NGOs state that the bank fails to provide a robust plan to identify, mitigate and prevent environmental and human rights risks arising from its activities.
Justine Ripoll, head of campaigns for Notre Affaire a Tous said: "The law on the duty of vigilance has explicitly enshrined in French law the legal responsibility of multinational corporations, including financial institutions, of protecting the environment and respecting human rights. Despite many greenwashing campaigns, the measures taken by BNP Paribas, top European financier of fossil fuel expansion, are neither sufficient nor appropriate."
BNP Paribas has three months to comply with the law. If it fails to comply, the NGOs will take it to court. This legal action would be the first climate litigation in the world to hold a commercial bank to account for its legal obligations and to demand an immediate halt to its financial support for new oil and gas projects.
This initiative will also be at the heart of a major campaign, including a petition, to raise people's awareness of the role of BNP Paribas and the financial sector in the fight against the climate crisis.
Oxfam International is a global movement of people who are fighting inequality to end poverty and injustice. We are working across regions in about 70 countries, with thousands of partners, and allies, supporting communities to build better lives for themselves, grow resilience and protect lives and livelihoods also in times of crisis.
LATEST NEWS
Boeing Union Wins 25% Raise in Tentative Contract, But Possible Strike Still Looms
Unionized machinists are set to vote on the contract on Thursday.
Sep 08, 2024
A tentative deal made early Sunday morning between aerospace giant Boeing and the union that represents more than 33,000 of its workers was a testament to the "collective voice" of the employees, said the union's bargaining committee—but members signaled they may reject the offer and vote to strike.
The company and the International Association of Machinists and Aerospace Workers (IAM) District 751 reached an agreement that if approved by members in a scheduled Thursday vote, would narrowly avoid a strike that was widely expected just day ago, when Boeing and the bargaining committee were still far apart in talks over wages, health coverage, and other crucial issues for unionized workers.
The negotiations went on for six months and resulted on Sunday in an agreement on 25% general wage increases over the tentative contract's four years, a reduction in healthcare costs for workers, an increase in the amount Boeing would contribute to retirement plans, and a commitment to building the company's next aircraft in Washington state. The union had come to the table with a demand for a 40% raise over the life of the contract.
"Members will now have only one set of progression steps in a career, and vacation will be available for use as you earn it," negotiating team leaders Jon Holden and Brandon Bryant told members. "We were able to secure upgrades for certain job codes and improved overtime limits, and we now have a seat at the table regarding the safety and quality of the production system."
Jordan Zakarin of the pro-labor media organization More Perfect Union reported that feedback he'd received from members indicated "a strike may still be on the cards," and hundreds of members of the IAM District 751 Facebook group replied, "Strike!" on a post regarding the tentative deal.
The potential contract comes as Boeing faces federal investigations, including a criminal probe by the Department of Justice, into a blowout of a portion of the fuselage on an Alaska Airlines Boeing 737 jetliner that took place when the plane was mid-flight in January.
The Federal Aviation Administration has placed a limit on the number of 737 MAX planes Boeing can produce until it meets certain safety and manufacturing standards.
As The Seattle Timesreported on Friday, while Boeing has claimed it is slowing down production and emphasizing safety inspections in order to ensure quality, mechanics at the company's plant in Everett, Washington have observed a "chaotic workplace" ahead of the potential strike, with managers "pushing partially assembled 777 jets through the assembly line, leaving tens of thousands of unfinished jobs due to defects and parts shortages to be completed out of sequence on each airplane."
Holden and Bryant said Sunday that "the company finds itself in a tough position due to many self-inflicted missteps."
"It is IAM members who will bring this company back on track," they said. "As has been said many times, there is no Boeing without the IAM."
Without 33,000 IAM members to assemble and inspect planes, a strike would put Boeing in an even worse position as it works to meet manufacturing benchmarks.
On Thursday, members will vote on whether or not to accept Boeing's offer and on reaffirming a nearly unanimous strike vote that happened over the summer.
If a majority of members reject the deal and at least two-thirds reaffirm the strike vote, a strike would be called.
If approved, the new deal would be the first entirely new contract for Boeing workers since 2008. Boeing negotiated with the IAM over the last contract twice in 2011 and 2013, in talks that resulted in higher healthcare costs for employees and an end to their traditional pension program.
Keep ReadingShow Less
100,000+ People Across France March to Decry Macron's 'Denial of Democracy'
"Expressing one's vote will be useless as long as Macron is in power," said one demonstrator.
Sep 08, 2024
In cities and towns across France on Saturday, more than 100,000 people answered the call from the left-wing political party La France Insoumise for mass protests against President Emmanuel Macron's selection of a right-wing prime minister.
The demonstrations came two months after the left coalition won more seats than Macron's centrist coalition or the far-right Rassemblement National (RN) in the National Assembly and two days after the president announced that Michel Barnier, the right-wing former Brexit negotiator for the European Union, would lead the government.
The selection was made after negotiations between Macron and RN leader Marine Le Pen, leading protesters on Saturday to accuse the president of a "denial of democracy."
"Expressing one's vote will be useless as long as Macron is in power," a protester named Manon Bonijol toldAl Jazeera.
A poll released on Friday by Elabe showed that 74% of French people believed Macron had disregarded the results of July's snap parliamentary elections, and 55% said the election had been "stolen."
Jean-Luc Mélenchon, the leader of La France Insoumise (LFI), or France Unbowed, also accused Macron of "stealing the election" in a speech at the demonstration in Paris on Saturday.
"Democracy is not just the art of accepting you have won but the humility to accept you have lost," Mélenchon told protesters. "I call you for what will be a long battle."
He added that "the French people are in rebellion. They have entered into revolution."
Macron's centrist coalition won about 160 assembly seats out of 577 in July, compared to the left coalition's 180. The RN won about 140.
Barnier's Les Républicains (LR) party won fewer than 50 parliamentary seats. French presidents have generally named prime ministers, who oversee domestic policy, from the party with the most seats in the National Assembly.
Barnier signaled on Friday that he would largely defend Macron's pro-business policies and could unveil stricter anti-immigration reforms. Macron has enraged French workers and the left with policies including a retirement age hike last year.
Protests also took place in cities including Nantes, Nice, Montpellier, Marseilles, and Strasbourg.
All four left-wing parties within the Nouveau Front Populaire (NFP) coalition have announced plans to vote for a motion of no confidence against Barnier.
The RN has not committed to backing Barnier's government yet and leaders have said they are waiting to see what policies he presents to the National Assembly before deciding how to proceed in a no confidence vote.
Keep ReadingShow Less
'A Profound Injustice': Missouri Judge Rules Abortion Rights Amendment Invalid
"Our fight to ensure that voters—not politicians—have the final say is far from over," said one organizer.
Sep 07, 2024
Campaigners who last month celebrated the success of their effort to place an abortion rights referendum on November ballots in Missouri faced uncertainty about the ballot initiative Friday night, after a judge ruled that organizers had made an error on their petitions that rendered the measure invalid.
Judge Christopher Limbaugh of Cole County Circuit Court sided with pro-forced pregnancy lawmakers and activists who had argued that Missourians for Constitutional Freedom had not sufficiently explained the ramifications of the Right to Reproductive Freedom initiative, or Amendment 3, which would overturn the state's near-total abortion ban.
The state constitution has a requirement that initiative petitions include "an enacting clause and the full text of the measure," and clarify the laws or sections of the constitution that would be repealed if the amendment were passed.
Missourians for Constitutional Freedom included the full text of the measure on their petitions, which were signed by more than 380,000 residents—more than twice the number of signatures needed to place the question on ballots.
Opponents claimed, though, that organizers did not explain to signatories the meaning of "a person's fundamental right to reproductive freedom."
Limbaugh accused the group of a "blatant violation" of the constitution.
Rachel Sweet, campaign manager for the group, said it "remains unwavering in [its] mission to ensure Missourians have the right to vote on reproductive freedom on November 5."
"The court's decision to block Amendment 3 from appearing on the ballot is a profound injustice to the initiative petition process and undermines the rights of the... 380,000 Missourians who signed our petition," said Sweet. "Our fight to ensure that voters—not politicians—have the final say is far from over."
Limbaugh said he would wait until Tuesday, when the state is set to print ballots, to formally issue an injunction instructing the secretary of state to remove the question.
Missourians for Constitutional Freedom said it plans to appeal to a higher court, but if the court declines to act, the question would be struck from ballots.
As the case plays out in the coming days, said Missouri state Rep. Eric Woods (D-18), "it's a good time for a reminder that Missouri's current extreme abortion ban has ZERO exceptions for rape or incest. And Missouri Republicans are hell bent on keeping it that way."
The ruling came weeks after the Arkansas Supreme Court disqualified an abortion rights amendment from appearing on November ballots, saying organizers had failed to correctly submit paperwork verifying that paid canvassers had been properly trained.
Keep ReadingShow Less
Most Popular