Money managers urge banks to stop funding new oil and gas projects

Investors have called on Barclays, BNP Paribas and three other major European banks to halt the direct financing of new oil and gas fields by the end of this year.

Investors with $1.5-trillion have called on Barclays, BNP Paribas and three other major European banks to halt the direct financing of new oil and gas fields by the end of this year.

Aegon Asset Management and Candriam are among 30 money managers to urge the banks, which also include Credit Agricole , Deutsche Bank and Societe Generale , to cease financing activities that “may jeopardise the global path to net-zero,” according to a statement on Friday. The campaign was co-ordinated by ShareAction, a London-based non-profit that’s also instigated shareholder resolutions urging Barclays and HSBC Holdings to phase out fossil fuels...

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