Banks| Policies| Dodgy Deals| Campaigns
About us| Blog| Publications| Successes| Contact us| Donate
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
Donate
2023-01-23 00:00:00
Berta Cáceres: new rules for banks could help stop defender killings
2023-01-16 00:00:00
In the balance: Why European due diligence legislation must cover financial services
2022-12-08 00:00:00
Exposed: Western banks funding Qatar’s carbon bombs
2022-12-08 00:00:00
Right-wing attack on sustainable finance is the latest form of climate denial
2022-12-14 11:08:26
HSBC announces it will no longer finance new oil and gas fields
2022-10-13 15:56:39
More major banks and insurers refuse to support EACOP
2022-09-16 10:38:48
European Parliament passes emergency resolution against human rights violations & environmental threats linked to EACOP
2022-06-27 09:49:16
Crédit Agricole takes first step to phase out from the oil and gas sector
Connect
2022-11-22 00:00:00
Banking on Thin Ice: Two years in the heat
2022-11-17 00:00:00
BankTrack Global Human Rights Benchmark 2022
2022-10-21 00:00:00
Burning forests in the name of clean energy? How banks are failing to exclude the harmful wood biomass industry from finance
2022-06-28 00:00:00
The East African Crude Oil Pipeline (EACOP): Finance Risk Update No. 3
2022-04-05 00:00:00
The BankTrack Human Rights Benchmark Asia
2022-03-30 00:00:00
Banking on Climate Chaos 2022
See all publications
Browse
Home
Banks
Policies
Dodgy Deals
Campaigns
About
About BankTrack
Donate
Contact BankTrack
Publications
Victories
Follow Us
News
BankTrack blog
Facebook
Twitter Fossil Banks No Thanks Twitter Fossil Banks No Thanks Instagram
Affiliate Websites
Fossil Banks No Thanks
StopEACOP
Forests & Finance
Banks & Biodiversity
Drop JBS
Bank of Coal
Don't Buy into Occupation
Home › Blog
Natixis AGM: the bank gives the cold shoulder to frontline communities
Start
Banks

By: Les Amis de la Terre
2019-05-28
Paris

Contact:

Lorette Philippot, lorette.philippot@amisdelaterre.org


Share this page:

Photo: Les Amis de la Terre
Go to:
Start
Related Banks

This is a blog post by Les Amis de la Terre's Lorette Philippot.

Natixis may have announced a new coal policy, but the main take-away from its AGM was its complete lack of respect towards a representative from an NGO based in Mozambique who travelled all the way to France to get answers from the bank on concerns around a gas project. According to Les Amis de la Terre (Friends of the Earth France), the bank cannot claim to take seriously its responsibility in terms of climate change if it keeps on financing new fossil fuel projects.

Les Amis de la Terre and BankTrack attended Natixis AGM today, together with Ilham Rawoot from Justiça Ambiental / Friends of the Earth Mozambique, who mobilise and campaign against offshore gas and Liquid Natural Gas (LNG) projects in Mozambique.

Whilst Ilham had originally planned to ask Natixis about the key role played by the bank in financing the Coral South Floating LNG project , she found herself in a position where it became impossible. After having to push against staff who were clearly not willing to give her the floor, she was faced with heckles and verbal abuse from the shareholders, whilst the board interrupted her and eventually cut off her mic before she was given the chance to finish her question or for another campaigner to translate it.

Ilham said: “Even before it begins operating, the project — supported by Natixis, as well as the public investment Bank Bpi France, BNP Paribas, Société Générale and Crédit Agricole — has already forced thousands of people out of their homes. I have travelled all the way from Mozambique to ask a simple question to Natixis about their responsibility in this unfolding disaster. I wanted to carry the voice of the communities directly impacted by big fossil fuel companies taking over their land, but also the voice of the victims of climate impacts that are a frequent occurrence in Mozambique”.

Previously asked about its increasing finance for fossil fuels , Natixis declared it wasn’t planning to stop financing fossil fuels any time soon, and especially gas infrastructure. Lorette Philippot, from Les Amis de la Terre, commented: “To avoid breaching the critical 1,5 °C limit means putting an immediate end to the development of fossil fuels: this is what the scientific community calls for, as well as citizens across the world. At Natixis’ AGM, we got heckled by some, but also thanked by many people. Banks need to understand that it is in the interest of all as well as in their own to stop runaway climate change”.

The bank has however announced an exclusion of companies with over 25% of their profit or production coming from coal, lowering the previous 50% threshold. Whilst this improvement is welcomed, it doesn’t in any way excuse the behaviour and lack of respect of the bank at its AGM. Natixis also announced a new and more detailed coal policy to be published in June 2019. Les Amis de la Terre call on the bank to include in the policy an exclusion of companies developing coal, and to commit to bring to zero all support and exposure to coal in a timeframe compatible with limiting warming to 1,5 °C .

 

More information:

Natixis was the financial advisor of a $4.7bn financing of the Coral South LNG project. https://www.natixis.com/natixis/jcms/lpaz5_65142/fr/gaz-naturel-au-mozambique-une-operation-de-l-annee-de-c-8md

Les Amis de la Terre published a note detailing the impacts of the projects and the influence of French public and private actors. https://www.amisdelaterre.org/IMG/pdf/note-mozambique-lng-at.pdf

Climate impacts are very much real on a day-to-day basis in Mozambique, with violent disasters wrecking communities in the past months. In March 2019, the town of Beira was completely wiped out by floods following Cyclone Idai.

www.ran.org/wp-content/uploads/2019/03/Banking_on_Climate_Change_2019_vFINAL.pdf

The Beyond 2 °C scenario of the IEA states that all coal assets must be phased out by 2030 for OECD and EU countries and by 2040 elsewhere, to limit global warming to well below 2 °C.

Go to:
Start
Related Banks

Related banks

Natixis France

active
Browse
Home
Banks
Policies
Dodgy Deals
Campaigns
About
About BankTrack
Donate
Contact BankTrack
Publications
Victories
Follow Us
News
BankTrack blog
Facebook
Twitter Fossil Banks No Thanks Twitter Fossil Banks No Thanks Instagram
Affiliate Websites
Fossil Banks No Thanks
StopEACOP
Forests & Finance
Banks & Biodiversity
Drop JBS
Bank of Coal
Don't Buy into Occupation
Vismarkt 15
6511 VJ Nijmegen
The Netherlands

Tel: +31 24 324 9220
Contact@banktrack.org
©2016 BankTrack                Webdesign by BankTrack and EASYmind
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