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MonNov07

A group of French and international NGOs critisise the continued support of French biggest bank - BNP Paribas to the fossil fuel industry in Poland

"BNP Paribas has still not ruled out support to PGE, while the company is producing 85% of its electricity from coal and is pumping over 83% of its investment budget into coal. BNP Paribas also undertook last year to no longer directly fund new coal power and mining projects in high income countries such as Poland, yet continuing to do so via indirect support such as corporate loans or the issuance of new bonds is completely hypocritical.

By supporting PGE as it is building coal plants, planning huge new open-pit lignite mines and helping to keep afloat the country’s collapsing mining sector BNP Paribas is providing a shot in the arm for an industry stuck in the past and is helping to condemn Polish communities who aspire to a healthier and cleaner future. BNP Paribas has to start listening to the majority of the Polish population who want new investments to deliver a new economy, one based on energy efficiency and renewable energy. It should now exclude PGE from future financial support

 

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