{"id":14549,"date":"2023-11-27T14:22:53","date_gmt":"2023-11-27T14:22:53","guid":{"rendered":"https:\/\/www.esgtoday.com\/?p=14549"},"modified":"2023-11-27T14:22:55","modified_gmt":"2023-11-27T14:22:55","slug":"bnp-paribas-ends-financing-for-metallurgical-coal-mining","status":"publish","type":"post","link":"https:\/\/www.esgtoday.com\/bnp-paribas-ends-financing-for-metallurgical-coal-mining\/","title":{"rendered":"BNP Paribas Ends Financing for Metallurgical Coal Mining"},"content":{"rendered":"<!--themify_builder_content-->\n<div id=\"themify_builder_content-14549\" data-postid=\"14549\" class=\"themify_builder_content themify_builder_content-14549 themify_builder tf_clear\">\n    <\/div>\n<!--\/themify_builder_content-->\n\n\n<p>Paris-based global bank BNP Paribas announced that it will no longer provides financing to projects dedicated to the extraction of metallurgical coal, adding a new element to its efforts to align its financing and investment activities with its net zero commitments.<\/p>\n\n\n\n<p>Metallurgical coal is a key ingredient in steel manufacturing, powering the blast furnaces used in the steelmaking process, and contributing most of the industry\u2019s carbon footprint, with combustion of metallurgical coal responsible for over 3,000 megatonnes of CO2 in 2021, according to the Transition Pathway Initiative.<\/p>\n\n\n\n<p>The new pledge, forming part of an updated sector policy on the Mining industry, adds to BNP Paribas\u2019 commitment to not provide any financial product or services to projects dedicated to thermal coal extraction, or to infrastructure projects dedicated to thermal coal.<\/p>\n\n\n\n<p>The new policy follows the bank\u2019s announcement earlier this year that it will also end its direct <a href=\"https:\/\/www.esgtoday.com\/bnp-paribas-ends-financing-for-new-oil-and-gas-projects\/\">financing for new oil and gas<\/a> fields, as well as recent commitments to reduce financing for oil extraction and production by more than 80% and for gas extraction and production by over 30% by 2030, and to transition 80% of its energy financing activities to the production of low carbon energies by that date as well.<\/p>\n\n\n\n<p>In a statement announcing the new coal policy, BNP Paribas said:<\/p>\n\n\n\n<blockquote class=\"wp-block-quote\">\n<p>\u201cBNP Paribas recalls that since 2020 it has been committed to a path towards a complete exit from the financing of the entire value chain of companies linked to thermal coal by 2030 in Europe and in the OECD countries, and by 2040 in the rest of the world.\u201d<\/p>\n<\/blockquote><span class=\"et_bloom_bottom_trigger\"><\/span>","protected":false},"excerpt":{"rendered":"<p>Paris-based global bank BNP Paribas announced that it will no longer provides financing to projects dedicated to the extraction of metallurgical coal, adding a new element to its efforts to align its financing and investment activities with its net zero commitments. Metallurgical coal is a key ingredient in steel manufacturing, powering the blast furnaces used [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":14550,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"_uf_show_specific_survey":0,"_uf_disable_surveys":false,"footnotes":""},"categories":[36,30],"tags":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.8.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>BNP Paribas Ends Financing for Metallurgical Coal Mining - ESG Today<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.esgtoday.com\/bnp-paribas-ends-financing-for-metallurgical-coal-mining\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"BNP Paribas Ends Financing for Metallurgical Coal Mining - ESG Today\" \/>\n<meta property=\"og:description\" content=\"Paris-based global bank BNP Paribas announced that it will no longer provides financing to projects dedicated to the extraction of metallurgical coal, adding a new element to its efforts to align its financing and investment activities with its net zero commitments. Metallurgical coal is a key ingredient in steel manufacturing, powering the blast furnaces used [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.esgtoday.com\/bnp-paribas-ends-financing-for-metallurgical-coal-mining\/\" \/>\n<meta property=\"og:site_name\" content=\"ESG Today\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/ESGToday\/\" \/>\n<meta property=\"article:published_time\" content=\"2023-11-27T14:22:53+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-11-27T14:22:55+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.esgtoday.com\/wp-content\/uploads\/2023\/11\/BNP-branch2.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"880\" \/>\n\t<meta property=\"og:image:height\" content=\"666\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Mark Segal\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@EsgToday\" \/>\n<meta name=\"twitter:site\" content=\"@EsgToday\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Mark Segal\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.esgtoday.com\/bnp-paribas-ends-financing-for-metallurgical-coal-mining\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.esgtoday.com\/bnp-paribas-ends-financing-for-metallurgical-coal-mining\/\"},\"author\":{\"name\":\"Mark Segal\",\"@id\":\"https:\/\/www.esgtoday.com\/#\/schema\/person\/cca7a2b05e3a06d096e5740fb1433a01\"},\"headline\":\"BNP Paribas Ends Financing for Metallurgical Coal Mining\",\"datePublished\":\"2023-11-27T14:22:53+00:00\",\"dateModified\":\"2023-11-27T14:22:55+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.esgtoday.com\/bnp-paribas-ends-financing-for-metallurgical-coal-mining\/\"},\"wordCount\":263,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\/\/www.esgtoday.com\/#organization\"},\"articleSection\":[\"Energy Transition\",\"Sustainable Finance\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.esgtoday.com\/bnp-paribas-ends-financing-for-metallurgical-coal-mining\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.esgtoday.com\/bnp-paribas-ends-financing-for-metallurgical-coal-mining\/\",\"url\":\"https:\/\/www.esgtoday.com\/bnp-paribas-ends-financing-for-metallurgical-coal-mining\/\",\"name\":\"BNP Paribas Ends Financing for Metallurgical Coal Mining - 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