New Delhi

In a first, a climate-related lawsuit has been filed against one of the top banks in Europe. Three nonprofits - Friends of the Earth (Les Amis de la Terre) France, Notre Affaire à Tous and Oxfam France - have sued BNP Paribas over "its massive support to fossil fuels and for its substantial contribution to climate change". Terming it as "the world's first climate lawsuit against a commercial bank", Oxfam accused BNP Paribas of being Europe's largest funder of fossil fuel expansion. The bank has presence in 65 countries, and as per the lawsuit, it is the fifth largest funding source in the world for fossil fuel expansion.

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"The three organizations urge the bank to immediately stop financing this expansion and to adopt an oil and gas exit plan," an official statement reads. The lawsuit was filed on February 23. "BNP Paribas, Europe's largest funder of fossil fuel expansion, is ignoring scientific truths and is reluctant to address this glaring issue," said Lorette Philippot, campaigner at Friends of the Earth France.

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New blank cheques are being issued to fossil fuel companies, asserted Alexandre Poidatz, Advocacy Officer at Oxfam France, "without setting any conditions for an oil-free, gas-free ecological transition." About 50,000 people have signed a petition in support of the case, the NGOs said, adding that the lawsuit is a part of a litigation movement that aims to hold major funders like these accountable for their legal responsibilities.

In a statement to news agency Reuters, the bank said it regretted the filing of lawsuit over a dialogue. “We’re convinced that the ecological transition is the only viable path for the future of our economies. We are focused on our fossil fuel exit path, accelerating financing for renewable energies and supporting our customers, without whom the transition cannot be made," the bank said.

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BNP Paribas is one of the top 12 banks, as per the Banking on Climate Chaos 2022 report, which financed fossil fuels globally between 2016 and 2021. The report was prepared by RainforestAction Network, based in the United States. 

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