Two of Europe’s Biggest Banks to Stop Underwriting Oil and Gas Bonds

French banks BNP Paribas and Credit Agricole, two of Europe’s top three banks by assets, are no longer underwriting bond issues for oil and gas development in the latest policy shift of financing for the industry in Europe. The banks made clarifications on the matter in documents for their annual general meetings this month. BNP Paribas indicated at its AGM last week that it would not participate in bond issues for companies in the oil and gas sector. Environmental group Reclaim Finance said that it “welcomes this change at…