It is not entirely a surprise that the NGOs are going to court. In October last year, they already officially declared BNP Paribas in default, which is a first step for possible legal proceedings. The large French bank, which is also the parent of the Belgian BNP Paribas Fortis, is accused of being Europe’s largest financier of fossil energy and the number five worldwide. According to the NGOs, the company is not complying with its duty of care. Since 2017, the French duty of care law requires large companies to take measures to prevent human rights violations and environmental degradation.
BNP Paribas had three months after the notice of default to put itself in order, but according to the NGOs that did not happen. The major bank has already announced that it will reduce its exposure to oil and gas extraction by 2030, but that is insufficient, it sounds. “BNP Paribas continues to write new blank checks to the largest fossil fuel companies without any conditions for a transition away from oil and gas. Instead of making concrete commitments to respect basic scientific requirements, it contributes to creating doubt about the scientific consensus,” says Oxfam France.
The NGOs have therefore opted for “a historic trial” in Paris and “are determined to obtain a binding verdict from the court”.