November 20 -- French banking group BNP Paribas will double its investment in renewable energy projects to 15 billion euros ($16.07 billion) by 2020 from 6.9 billion euros and will no longer finance coal extraction projects, it said on Thursday.
The bank also said it would continue to promote green bonds among institutional investors. "Doubling our funding for renewable energy and strengthening our carbon risk management system is an environmental requirement. It is also an economic requirement," BNP said in a statement.
BNP Paribas said it had "taken the decision to no longer fund the extraction of coal either through mining projects or coal mining companies that do not have diversification strategies". >>View Article