Nice, France — Civil society from Southeast Asia and across the world unite to deliver a message to French financial institutions to end their fossil fuel financing and protect the region’s marine biodiversity. This urgent call comes at the third United Nations Ocean Conference (UNOC3) is set to discuss mobilizing finance in support of Sustainable Development Goal 14—Life Below Water.
The letter highlights the role of the French banks as one of the top financial institutions fueling destructive fossil fuel projects in the Coral Triangle, the world’s most biodiverse marine ecosystem. The Coral Triangle faces unprecedented expansion of 64,383 MW capacity of gas power plants, export capacity of 24 million tons per annum (mtpa), and import capacity of 25.9 mtpa are proposed within the Coral Triangle.
“The Coral Triangle is already experiencing the effects of rising sea temperatures, ocean acidification, and destructive coastal development, all of which are exacerbated by fossil fuel development. The expansion of gas infrastructure and other fossil fuel activities not only accelerates climate change, but also directly destroys coral reefs, mangroves, and seagrass beds, undermining food security and the livelihoods of millions. Increased shipping activities also pose amplified risks of marine pollution from fossil and other toxic cargo spills,” said Gerry Arances, Convenor of Energy Shift Southeast Asia.
From 2016 to 2024, five French banks—BNP Paribas, Crédit Agricole, Société Générale, Groupe BPCE, and Crédit Mutuel—collectively funneled nearly USD 5 billion into gas development in the Coral Triangle.
The letter was signed by 19 organizations worldwide, including Southeast Asian and European groups like Energy Shift Southeast Asia, Center for Energy, Ecology, and Development, CBCP-Caritas Philippines, Center of Economic and Law Studies (CELIOS), Climate Action Network Southeast Asia (CANSEA), People’s Coalition for the Rights to Water (KRuHA), RimbaWatch, urgewald, BankTrack, and ReCommon, among others.
“Vulnerable peoples across the world made history in France with the Paris Agreement in 2015. At UNOC3, history can and must also be made with ambitious action across all sectors to protect our ocean—and we challenge you to do your part. There is no place for the expansion of archaic, dirty fossil fuels in renewables and biodiversity-rich Southeast Asia,” said Adam Farhan, Cofounder and Director of RimbaWatch.
The letter concludes with several demands to French financial institutions including to publicly commitment, in writing, to divest from and to end all forms of financing for new and expanded fossil fuel projects in the Coral Triangle, the Mekong Delta, the Verde Island Passage, and all other vulnerable marine ecosystems and lead in scaling up financing for renewable energy and just transition initiatives that benefit communities and protect marine biodiversity.