BANKS DODGY DEALS CAMPAIGNS
About BankTrack
Visit us
Organisation
Our team
Our board
Guiding principles
Team up with us
Jobs at BankTrack
Our annual reports
Funding and finances
History
BankTrack in the media
Our privacy policy
International Bank Campaigners Gathering
Donate
2023-05-25 00:00:00
Philippines communities are fighting back against gas & LNG build-out in the Verde Island Passage
2023-03-17 00:00:00
Briefing: The role of financial institutions in decarbonising the steel sector
2023-03-09 00:00:00
Dutch bank ING supports controversial pipeline to import gas from authoritarian Azerbaijan
2023-02-23 00:00:00
Financial institutions need to address steelmaking’s coal addiction
2023-05-17 14:30:30
EACOP Financial Advisor SMBC is no longer involved with the project
2023-03-28 13:43:00
French bank Société Générale withdraws from Rio Grande LNG
2023-03-20 08:50:41
Who dares to finance Eni and Exxon’s dangerous Rovuma gas plans in Mozambique?
2023-03-14 14:59:00
New ING policy could spark bank shift away from financing oil and gas infrastructure
Connect
2023-05-03 00:00:00
A Rotten Business: How Barclays became the go-to bank for JBS, one of the world's most destructive meat corporations
2023-04-13 00:00:00
Banking on Climate Chaos 2023
2023-04-12 00:00:00
The East African Crude Oil Pipeline (EACOP): Finance Risk Update No. 4
2023-03-29 00:00:00
BankTrack Annual Report 2022
See all publications
Sections
Banks Dodgy Deals Campaigns
Our campaigns
Banks and Climate
Banks and Human Rights
Banks and Nature
Banks and Pandemics
Our projects
Tracking the NZBA
Banks and Putin's war in Ukraine
Tracking the Equator Principles
Tracking the PRBs
Banks and steel
End Coal Finance
Find a Better Bank
Banks and the OECD Guidelines
Media
News Publications
Fossil Banks No Thanks StopEACOP Forests & Finance Banks & Biodiversity Drop JBS Bank of Coal Don't Buy into Occupation
BankTrack
About BankTrack Visit us Organisation Our team Our board Guiding principles Team up with us Jobs at BankTrack Our annual reports Funding and finances History BankTrack in the media Our privacy policy International Bank Campaigners Gathering Donate
Successes Contact BankTrack
Donate Mailing list Facebook Twitter Login
Home › Partner news ›
Partner News

BNP Paribas releases new policy on nuclear financing

Financing of Angra III and -possibly- Jaitapur plants shows hypocricy of effort
2011-02-15 | Paris
By: Les Amis de la Terre
Contact:

Caroline Prak, FoE France, +33 1 48 51 18 96 / +33 6 86 41 53 43

2011-02-15 | Paris
By: Les Amis de la Terre
Contact:

Caroline Prak, FoE France, +33 1 48 51 18 96 / +33 6 86 41 53 43

With 13.5 billion euro investments in the nuclear industry between 2000 and 2009, BNP Paribas is the n°1 nuclear bank in the world. BNP Paribas just published its new policy on the financing of nuclear power plants, subjecting its loans to nuclear power projects to specific conditions.

BNP Paribas recently also announced its participation in the financing of the Angra 3 nuclear power plant in Brazil. Friends of the Earth France would like to remind BNP Paribas that nuclear energy cannot be considered in any way as a solution to climate change. FoE France also points out the numerous flaws of BNP Paribas' policy. 

The new policy on the financing of new nuclear power plants of BNP Paribas is presented as an integral part of its "commitment to sustainable development". But the continuous support of BNP Paribas to the atomic industry is in stark contrast with the most elementary principles of sustainable development and respect for the communities.

BNP Paribas' new policy suffers from many flaws. For example, none of its prerequisite requirements include the guaranteed independence of the host country regulatory body, the inclusion of elements ensuring the effective implementation of waste management, the preparation of decommissioning plans, or effective measures to protect workers' health.

Furthermore, this policy only covers a portion of the nuclear industry - power plants -, and does not apply to investment or asset management activities, while the issuing of shares and bonds includes more than 50% of the nuclear sector financing.

These flaws are clearly illustrated by the recent announcement by BNP Paribas of its participation in the financing of the nuclear power plant Angra 3 in Brazil, this in a joint venture with Société Générale, Crédit Agricole and CIC and the Spanish banks BBVA and Santander. Many NGOs, including BankTrack and FoE France, have been warning these banks for months on the dangers of this project. These include the use of obsolete technology and a neglected analysis on safety and accidents prevention. Also, one can strongly put the independency of the CNEN (Brazilian regulatory body) into question, due to the inbuilt conflict of interest.

Numerous problems also arise for the Jaitapur project in India, which is now considered for financing by BNP Paribas and other French and European banks.

As Juliette Renaud, the financial actors' responsibility campaigner of FOE France, stated: "This new policy does not address neither the consent nor even the consultation of local communities, which will nonetheless be the first affected and which mobilisation can be severely and violently repressed, as happened recently in India on the Jaitapur project".

Contrary to what BNP Paribas states, the nuclear sector is becoming less and less profitable, so much so that it is beginning to lose ground. Today, it contributes to only 13% of electricity production worldwide, which is less than 2.5% of the final consumption demand in the world (less than 14% in France).

However, as Marie-Christine Gamberini, the nuclear and energy campaign responsible for FoE France, reminds us: "As we approach the 25th anniversary of the Tchernobyl catastrophe, the most important brake to the development of the nuclear technology should be its intrinsic dangers, worsened by its vulnerability to extreme climate events. The privatisation of the energy sector and the growing use of subcontracting continue to increase the risks of catastrophes, even in France."

These are also reason for FoE France to demand the immediate closure of the oldest and less reliable French reactors, the end of electronuclear in one or two five-year election periods, and the end of the selling of French nuclear power plants abroad (1).

Juliette Renaud concludes: "To cope with current environmental and social issues, banks like BNP Paribas should adopt a comprehensive sectoral policy on the energy sector, including sub-sections for every domain (nuclear, coal, oil, agrofuels, etc.) instead of separating the sectors as they now do. This would guarantee a better coherence and would avoid leaving some key energy sectors uncovered." Private banks have indeed a major role to play in the reorientation of industrial activities towards a low carbon economy, with no radioactivity, and more respectful to people and their environment.

Notes: 

(1) For more details, please download FoE France's position on electronuclear (only in French): http://www.amisdelaterre.org/IMG/pdf/AT_position_electronucleaire_Mai08.pdf

 

Banks

BBVA

Spain
Active

BNP Paribas

France
Active

Crédit Agricole

France
Active
Dodgy Deals
There are no active project profiles for this item now.

Angra 3 nuclear power plant

Brazil
Project
On record
Nuclear Electric Power Generation

Angra 3 nuclear power plant

Brazil

Jaitapur nuclear power plant

India
Project
On record
Nuclear Electric Power Generation

Jaitapur nuclear power plant

India
Sections
Banks Policies Dodgy Deals Campaigns
Our campaigns
Banks and Climate Banks and Human Rights Banks and Nature Banks and Pandemics
Our projects
Tracking the NZBA Banks and Putin's war in Ukraine Tracking the Equator Principles Tracking the PRBs Banks and steel End Coal Finance Find a Better Bank Banks and the OECD Guidelines
Media
News Publications
Fossil Banks No Thanks StopEACOP Forests & Finance Banks & Biodiversity Drop JBS Bank of Coal Don't Buy into Occupation
BankTrack
About BankTrack Visit us Organisation Our team Our board Guiding principles Team up with us Jobs at BankTrack Our annual reports Funding and finances History BankTrack in the media Our privacy policy International Bank Campaigners Gathering Donate
Successes Contact BankTrack
Vismarkt 15
6511 VJ Nijmegen
The Netherlands
Tel: +31 24 324 9220
Contact@banktrack.org
Donate Mailing list Facebook Twitter
©2022 BankTrack
BankTrack is a registered charity in the Netherlands (ANBI) - RSIN 813874658
Find our privacy policy here

Stay up to date

Sign up now for all BankTrack's news


Make a comment

Your comment will be reviewed, before being posted