France’s Largest Bank, Pulls Out of Oil Investments

France’s Largest Bank, Pulls Out of Oil Investments
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Last fall, environmental activists protesting the construction of the Dakota Access Pipeline and other oil infrastructure projects turned their focus to another shade of green. In an attempt to stop the completion of the pipeline, they targeted a series of banks, including Wells Fargo and US Bank, urging them to pull financing for the project. In the U.S., divestment was on the whole unsuccessful. In Europe, however, environmentalists seem to have won an early battle this week. BNP Paribas, France’s largest bank announced that it was pulling out of all investments in oil and coal. Although dramatic, the announcement may have little impact.

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