As financial advisor for the project, Crédit Agricole is supporting TotalEnergies in obtaining financing for the project, valued at over $10 billion. At a time when Philippe Brassac, the bank’s Chief Executive Officer, has stated that oil and gas expansion is incompatible with the 1.5°C objective, it is time for the bank to assume its responsibilities towards its customers and withdraw from this type of project.
To date, three European banks, HSBC, ING and Société Générale, have undertaken not to finance new LNG terminals associated with new gas fields. They are therefore unlikely to finance the Papua LNG project.
Other banks, such as BNP Paribas, which ranks second among the French major’s biggest financiers, as well as insurers and investors, must now refuse to support the Papua LNG project, and stop all direct support for new oil and gas production and transportation projects by TotalEnergies.