Home Uncategorized The general meeting of shareholders of BNP Paribas disrupted by environmentalists

The general meeting of shareholders of BNP Paribas disrupted by environmentalists

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The BNP Paribas logo and stock chart are seen in this illustration taken May 1, 2022. REUTERS/Dado Ruvic/Illustration

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PARIS, May 17 (Reuters) – Environmental activists briefly disrupted the annual meeting of shareholders of BNP Paribas (BNPP.PA) in Paris on Tuesday, accusing France’s largest listed bank of being the main European financing partner of the fossil fuel sector.

Fourteen activists sounded portable alarms as bank executives outlined the company’s goals and actions in the fight against climate change.

In a statement, campaigners also criticized BNP Paribas’ ties to TotalEnergies (TTEF.PA), pointing to BNP Paribas’ funding ties to the French oil and energy giant.

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Climate change has become increasingly important to governments and businesses around the world, with many environmental activists targeting annual general meetings. Lloyd’s of London insurance market said this month that its annual general meeting (AGM) faced the threat of weather protests. Read more

The general meeting of shareholders of BNP Paribas, which was held near the Louvre museum, was disrupted for 20 minutes.

BNP Paribas chief executive Jean-Laurent Bonnafe defended the bank’s loan to TotalEnergies at the meeting, saying it was not intended to finance fossil fuel activities but rather to help the overall financial situation of BNP Paribas. TotalEnergies, given the volatility in the energy markets following Russia’s invasion of Ukraine.

BNP Paribas had also pledged earlier this month to end most new financing for oil production in the Amazon rainforest and said it would reduce its “intensity of financed emissions” in the sectors of energy and automotive. Read more

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Report by Matthieu Protard; Written by Benoit Van Overstraeten; Editing by Sudip Kar-Gupta

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