PARIS: French banking group BNP Paribas will double its investment in renewable energy projects to 15 billion euros ($16.07 billion) by 2020 from 6.9 billion euros and will no longer finance coal extraction projects, it said on Thursday.
The bank also said it would continue to promote green bonds among institutional investors.
"Doubling our funding for renewable energy and strengthening our carbon risk management system is an environmental requirement.
It is also an economic requirement," BNP said in a statement.
BNP Paribas said it had "taken the decision to no longer fund the extraction of coal either through mining projects or coal mining companies that do not have diversification strategies".
Coal remains the world's top fuel for power generation but over the past year pressure on governments and companies worldwide has increased to pull out of coal to curb carbon emissions.
Some 200 countries will meet in Paris from Nov. 30 to Dec. 11, in a climate summit with the aim of reaching an accord to curb carbon emissions and keep global temperatures below a ceiling of 2 degrees Celsius (3.6 Fahrenheit).
BNP said it would also invest 100 million euros by 2020 in start-ups that are working on energy storage and smart electricity grids.
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