Banks| Dodgy Deals| Map| Campaigns
About us| Blog| Publications| Successes| Contact us| Donate
About BankTrack
Visit us
Organisation
Our team
Our board
Guiding principles
Team up with us
Join our Active Allies list
Our annual reports
Funding and finances
History
BankTrack in the media
Our privacy policy
Donate
2020-12-22 00:00:00
Blog: In 2020, the Equator Principles struggle to remain relevant
2020-12-14 00:00:00
The battle to stop Line 3 is heating up on the ground and across the US
2020-12-14 00:00:00
Corporate accountability and the just transition: Frameworks for holding corporations accountable for climate change
2020-12-12 00:00:00
Five years since the Paris Agreement, are banks' 2050 pledges enough to reign in fossil fuel finance?
2020-09-24 12:53:20
Oscislowo open-pit coal mine cancelled
2020-09-08 13:07:41
Strengthened OECD guidance on responsible banking
2020-02-25 10:35:27
JPMorgan Chase Coal and Arctic Policy a step forward but fails to match its climate responsibility as the world’s #1 Fossil Bank
2020-02-18 17:27:23
Civil society groups welcome Royal Bank of Scotland preparing to exit fossil fuels
Connect
2020-11-30 00:00:00
Soft Commitments, Hard Lessons: an analysis of the Soft Commodities Compact
2020-11-24 00:00:00
"Trust Us, We're Equator Banks": Part II
2020-11-18 00:00:00
Crude Risk: Risks to banks and investors from the East African Crude Oil Pipeline
2020-09-16 00:00:00
Principles for Paris-Aligned Financial Institutions: Climate Impact, Fossil Fuels and Deforestation
2020-08-17 00:00:00
"Trust Us, We're Equator Banks": Part I
2020-03-18 00:00:00
Banking on Climate Change - Fossil Fuel Finance Report 2020
See all publications
Browse
Home
Banks
Dodgy Deals
Map
Campaigns
About
About BankTrack
Donate
Contact BankTrack
Publications
Victories
Follow Us
News
BankTrack blog
Facebook page
Twitter channel
Home › News
BNP Paribas releases new policy on nuclear financing
Financing of Angra III and -possibly- Jaitapur plants shows hypocricy of effort
Start
Banks
Dodgy Deals

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

Contact:

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


Share this page:

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

 

Related banks

BBVA Spain

active

BNP Paribas France

active

Crédit Agricole France

active

Related Dodgy Deals

Projects

There are no projects active for this item now.
on record

Angra 3 nuclear power plant Brazil

Nuclear Electric Power Generation
on record

Jaitapur nuclear power plant India

Nuclear Electric Power Generation
Browse
Home
Banks
Dodgy Deals
Map
Campaigns
About
About BankTrack
Donate
Contact BankTrack
Publications
Victories
Follow Us
News
BankTrack blog
Facebook page
Twitter channel
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