Banks and financial institutions have a considerable impact on the realization of fracking projects. Image source: Shutterstock (#378131164).
BNP Paribas, the biggest bank in France, is now the first big bank to pledge to cut funds for natural gas fracking projects. As part of the policy, the bank will stop lending money to companies that generate more than 50 percent their revenue from fracked oil, gas or liquefied natural gas export terminals.
Environmentalists praise the policy as it is supposed to have the greatest impact of any initiative by a financial giant to date.
Huffington Post
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