Bulletin
Investor Alert

The Wall Street Journal Archives | Email alerts

Dec. 13, 2017, 8:04 a.m. EST

Major institutions vow to cut financing of fossil-fuel projects

Investors back French President Macron’s call for the private sector to do more to combat greenhouse-gas emissions

new
Watchlist Relevance
LEARN MORE

Want to see how this story relates to your watchlist?

Just add items to create a watchlist now:

  • X
    AXA S.A. (CS)
  • X
    ING Groep N.V. (INGA)
  • X
    ING Groep N.V. ADR (ING)

or Cancel Already have a watchlist? Log In

By William Horobin


Getty Images
French President Emmanuel Macron attends the One Planet Summit on Tuesday.

PARIS—Several global institutions pledged to cut financing of fossil-fuel projects at a summit in Paris, backing French President Emmanuel Macron’s call for the private sector to do more to combat greenhouse-gas emissions after President Donald Trump said the U.S. would withdraw from the Paris climate agreement.

One of the largest pledges at the One Planet Summit on Tuesday came from French insurer Axa /zigman2/quotes/202169431/delayed FR:CS -0.28%  , which said it would pull €2.4 billion ($2.8 billion) from the coal industry, shed all investment in oil sands and no longer insure new projects in either sector. Dutch lender ING /zigman2/quotes/203351007/delayed NL:INGA +1.15%   /zigman2/quotes/203566071/composite ING +1.11%  said it would cut its exposure to coal power to zero by 2025 and the World Bank said it would no longer finance upstream oil and gas after 2019.

“We are losing the battle. We are not going fast enough.”

French President Emmanuel Macron

Other institutions had already announced plans to step back from financing fossil fuels before the summit as the sector comes under mounting pressure from investors. In October, France’s largest bank by assets, BNP Paribas /zigman2/quotes/206351084/delayed FR:BNP +1.06%  , said it would no longer finance shale and oil-sands projects.

See: Push for climate-risk disclosures taken up by 237 companies worth $6.3 trillion in market cap

And check out : In Trump era it’s up to companies to push climate agenda, advocates say

Macron called the summit in reaction to Trump’s decision to quit the Paris agreement, a move the French leader said Tuesday has “weakened” the 195-nation pledge to limit the rise in global temperatures. Trump wasn’t invited to the summit Tuesday.

An expanded version of this report appears on WSJ.com

Popular on WSJ.com:

Is CNN protecting Adam Schiff?

GE probed who knew about spare jet for Immelt

/zigman2/quotes/202169431/delayed
FR : France: Euronext Paris
19.73
-0.06 -0.28%
Volume: 6.84M
Nov. 27, 2020 5:37p
P/E Ratio
17.19
Dividend Yield
3.70%
Market Cap
€47.17 billion
Rev. per Employee
€1.13M
loading...
/zigman2/quotes/203351007/delayed
NL : Netherlands: Euronext Amsterdam
8.42
+0.10 +1.15%
Volume: 18.64M
Nov. 27, 2020 5:39p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
€32.44 billion
Rev. per Employee
€608,050
loading...
/zigman2/quotes/203566071/composite
US : U.S.: NYSE
$ 10.02
+0.11 +1.11%
Volume: 2.81M
Nov. 27, 2020 5:00p
P/E Ratio
N/A
Dividend Yield
0.00%
Market Cap
$38.84 billion
Rev. per Employee
$680,560
loading...
/zigman2/quotes/206351084/delayed
FR : France: Euronext Paris
43.83
+0.46 +1.06%
Volume: 4.36M
Nov. 27, 2020 5:35p
P/E Ratio
7.90
Dividend Yield
0.00%
Market Cap
€54.11 billion
Rev. per Employee
€563,827
loading...

Get news alerts on ING Groep N.V. ADR — or create your own.
This Story has 0 Comments
Be the first to comment
More News In
Investing

Story Conversation

Commenting FAQs »
Link to MarketWatch's Slice.