By William Horobin
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 -1.65% , 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 -2.05% /zigman2/quotes/203566071/composite ING -1.98% 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 -2.06% , said it would no longer finance shale and oil-sands projects.
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.
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