Two of Europe’s leading banks have retreated from oil and gas bond deals, eschewing a type of financing on which big fossil fuel companies have become increasingly reliant.
BNP Paribas and Crédit Agricole, the second and third largest banks in Europe by assets, have told shareholders that they will no longer underwrite bond issues for the sector unless they include green restrictions, clarifying policies they issued this month.
HSBC, the biggest European bank, agreed earlier this year to start disclosing its carbon footprint linked to such issuance but has not yet applied this type of climate restriction to general-purpose debt deals.
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