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24 November 2015 | | | | |

The Local Impacts of Financing Coal

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With the Pinocchio Climate Awards approaching, the heat is on to pick this year’s winner in each category of green washing, lobbying, and local impacts. Focusing on the latter, one company appears to be substantially destructive of lives and the climate. BNP Paribas has been nominated due to their involvement as one of the top international banks supporting the expansion of the coal sector by contributing to a whopping 15.6 billion euro to mining and coal-fired power plants.

The local impacts of BNP Paribas’ funding of the 4150 megawatt Tata Mundra power plant in India has been a major contributor to the corporate giant landing on the Pinocchio list this year. The power plant emits an alarming 13 billion tons of carbon dioxide (CO2) each year and is the largest CO2 emitter in India. The local population’s health is at risk as a result of air pollutants, falling ash and water contamination. Due to the proximity of the power plant to the coast, local fishermen have been particularly affected and have witnessed the decrease of fish, thus impacting their source of income as well.

The corporate giant has attempted to appease their destruction on climate by stating that they will discontinue financing coal plants in developed countries, however, this represents a meagre 12% of the entire coal market. Lucie Pinson from Friends of the Earth France claims that BNP Paribas and financial institutions alike need to publicise their agreements with companies and include measurements to hold them accountable for the protection of local populations and the environment. Furthermore, the financing of fossil fuels should discontinue in all countries, not only developed, as the impacts are especially detrimental in the global south.

To vote for BNP Paribas, visit www.pinocchio-awards.org

Imagen: www.pinocchio-awards.org

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