NGOs denounce the “blank check” of 8 billion granted by the banks to TotalEnergies

This is a subject on which the banks will not fail to be questioned during their general meetings. Environmental NGOs accuse three of the largest French banks – BNP Paribas, Société Générale and Crédit Agricole – of having signed, alongside nine other establishments, a “blank check” for 8 billion dollars to the giant TotalEnergies, presented as the largest loan granted to the major since the signing of the Paris Agreement.

In addition to the amount, it is the fact that this loan is denominated “general corporate purposes” (general needs for financing) which particularly worries the NGOs. “It will be used to finance all of the company’s operations, including the deployment of new oil and gas projects”, denounces Reclaim Finance, citing in particular EACOP, a mega oil project crossing Uganda and Tanzania. A project that, precisely, the French banks have decided not to support given its very controversial nature.

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