Change bank, ecological and social criteria

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Change bank, ecological and social criteria




by Christophe » 01/10/08, 13:06

In times of financial crisis it is high time to make the day on manure and dubious market practices: which agencies are the least environmentally responsible? Does your money serve anti-econological causes (answer: yes, but to what extent?)? Friends of the Earth have just published an excellent document that will hopefully kick the swarm!

Indeed: the power of a bank is made by ... its customers!

Summary: https://www.econologie.com/choisir-une-b ... -3935.html
Complete guide to download here: https://www.econologie.com/finance-chois ... -3934.html

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Friends of the Earth today release the 2008-2009 version of their eco-citizen guide "Environment: How to choose my bank? In partnership with the CLCV. The association has analyzed the environmental and social impacts of the various activities of the major French banks in order to inform citizens of the use made of the money they entrust to their bank, and to push them to change their practices. The guide reveals in its rankings three distinct groups of banks: Nef and Crédit Coopératif with positive impacts, Banque Postale, Banque Populaire, Caisse d'Epargne and Crédit Mutuel-CIC with low to moderate risks, and Crédit Agricole, Société Générale and BNP Paribas, which are the most risky and for which the Friends of the Earth formulate specific recommendations.

The publication of the guide "Environment: how to choose my bank? 2008 / 2009 "(1) comes a year and a half after the first release. Based, among other things, on the expertise of BankTrack, the international network of NGOs working on finance for which the Friends of the Earth are members, the 2008-2009 guide confirms what its predecessor already revealed: too many French banks are involved in controversial projects with heavy social and environmental impacts. Yann Louvel, in charge of Friends of the Earth's private finance campaign, summarizes the results obtained: "The major French network banks have extremely diversified activities and businesses, with such disparate impacts. The analyzes that we have carried out have made it possible to distinguish three different groups of banks according to the impacts induced by their activities ".

The riskiest French banks are BNP Paribas, Société Générale and Crédit Agricole. They are among the largest international banks through their corporate and investment banking activities, and each is involved in more than a dozen controversial projects around the world. The guide develops two examples: the Belene nuclear power plant in Bulgaria and the Sakhalin II oil and gas project in Russia. Sébastien Godinot, Campaign Coordinator for Friends of the Earth, explains: "Despite numerous demonstrations and a commitment by the group's CEO, Baudouin Prot, BNP Paribas is still involved in Belene's dangerous and obsolete project. Similarly, despite international controversy for several years, BNP Paribas decided to finance the Sakhalin II project last June in defiance of all environmental and social considerations. The environmental impact study of the project was even falsified by Shell, as revealed by The Guardian earlier this month. Previously, Société Générale had already financed Gazprom in the project, up to a billion dollars.

Then there is Banque Postale, Banque Populaire, Caisse d'Epargne and Crédit Mutuel-CIC, whose impact is low to moderate. Some regional mutual funds, or some of their subsidiaries (Natixis especially) are indeed involved in some controversial projects, but their activities are mainly limited to retail banking and French territory. Finally, the activities of the Nef and Crédit Coopératif have positive impacts. Yann Louvel concludes: "La Nef is the only financial institution whose mission is to finance only projects in the environmental, social and cultural fields. Moreover, it is also the only one to publish each year the list of projects it finances, with the amount of the loan granted and a description of the activities financed. For all these reasons, Friends of the Earth have been partners of the Nef since 2008, to promote this unique alternative in the financial world.

But besides this ranking, the guide "Environment: how to choose my bank" also presents the operation of French banks and presents consumer-citizens the steps to follow to change banks. Solidarity finance and Socially Responsible Investment (SRI) products are presented, along with the Caisses d'Epargne initiative, which followed a recommendation from the Friends of the Earth, and proposed the labeling of their products. banking to individuals according to three components (security, responsibility and climate). Finally, the guide describes the different solutions for the financing of his ecological home.

Press Contact: Caroline Prak, Friends of the Earth, 01 48 51 32 22 / 06 86 41 53 43

(1) The eco-citizen guide 2008-2009 "Environment: how to choose my bank? Is available online on this page, attached as below.


http://www.amisdelaterre.org/L-environn ... re-de.html

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Last edited by Christophe the 01 / 10 / 08, 17: 08, 4 edited once.
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by Gregconstruct » 01/10/08, 13:45

Would someone have the same kind of information for Belgian banks?
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by Christophe » 01/10/08, 15:34

Belgian or French I think that does not change much: the bad pupils are the "traditional" agencies those which are currently dying from the subprime crisis (fortis, dexia ...). Hold this crisis would therefore allow us to see and distinguish the most "ethical" banks from the others! Those who die are the worst ethically speaking!

Fortis offers an "environment" sicav with 2 or 3 wind turbine manufacturers as well as TOTAL and SHELL ... don't mess around!

In other words: if you want something "healthy", you have to do something with the alternative. I assume that the Belgian Post Bank is at the level of the French Post? There is also an equivalent of cooperative credit in Brussels, but I don't remember the name!

This ranking reveals the very risky practices of the three main French banks: BNP Paribas, Société Générale and Crédit Agricole-LCL. These three banks have a business of Banking and Investment very developed abroad, but also very risky! In particular, they finance major infrastructure projects with massive social and environmental impacts, such as oil, gas, mining, nuclear power plant or large dam projects.

(...)

In addition, BNP Paribas, Société Générale and Crédit Agricole-LCL (as well as Natixis and Dexia, which do not have agencies for individuals) are the French banks most exposed to the subprime crisis, which is shaking up today. the global financial sphere, precisely because of their risky activities in Corporate and Investment Banking!

Conversely, the activities of the Nef, the solidarity finance cooperative, have positive impacts. It is indeed the only bank to have given itself the mission to use the citizen savings entrusted to it to exclusively finance projects in the environmental, social and cultural fields. It is also the only one to publish each year the complete list of projects it finances, with the amount of the loan granted and the description of the activities financed. It is for these reasons that Friends of the Earth have been partners of the Nave since the beginning of 2008, to promote another vision of money.
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by Bibiphoque » 01/10/08, 15:47

Hello,
"Test Achats investigated the ethics of 7 banks active in Belgium (Argenta, Banque de la Poste, Dexia, Fortis, ING, KBC and Triodos). Five themes were specifically addressed: workers' rights, the environment , taxes (tax havens), armaments and human rights. Triodos is the absolute example of a "sustainable" bank ". According to the survey, ING does it better than other big banks. Whereas Argenta and Banque de la Poste clearly do not have the slightest message of an ethical approach. "

(March 2008)
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by Christophe » 01/10/08, 16:28

Ah interesting Bibi you have the precise url of this investigation?

The message of the French Post is not more ethical than the other banks in the ranking ... I think that the facts matter more than the message no?
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by Gregconstruct » 01/10/08, 20:51

Bibiphoque wrote:Hello,
"Test Achats investigated the ethics of 7 banks active in Belgium (Argenta, Banque de la Poste, Dexia, Fortis, ING, KBC and Triodos). Five themes were specifically addressed: workers' rights, the environment , taxes (tax havens), armaments and human rights. Triodos is the absolute example of a "sustainable" bank ". According to the survey, ING does it better than other big banks. Whereas Argenta and Banque de la Poste clearly do not have the slightest message of an ethical approach. "

(March 2008)
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Thank you my bibinou! Good tips !!!

We will dig the business
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by I Citro » 01/10/08, 21:44

: Arrow: Excellent subject! : Arrowl:
I have heard recently that the (French) companies most polluting in terms of CO2 emissions were THE BANKS. : Shock:

Simply by financing and investing in large, ultra-negative industrial projects in terms of environmental impact ... : Evil:

I will add that this often also has a catastrophic social impact (delocalisation of activities, increased transport, financial evasion of profits and tax revenues of the State)

An example in Bordeaux, IBM sold its Site to SOLECTRON which became the property of AXA. Social plans, layoffs, (after receiving huge subsidies). The company is sold to a foreign holding company. AXA has valued its purchase by doing "the tumble", the shareholders say thank you, the employees cry and say the state must ban the sale, the government says "we can't, it's abroad" ... You know who is the owner of the foreign Holding ... AXA, of course ... : Evil:
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