06 April 2023
Corporate Duty of Vigilance and Environment
On February 23, 2023, French bank BNP Paribas was sued before the civil tribunal in Paris for having allegedly breached its environmental duty of vigilance. In particular, deficiencies in the vigilance plan related to the allocation fundraising activities are criticized. This climate litigation, involving a French bank for the first time, could increase the liability of financial protagonists in the fight against climate change if it succeeded. Nevertheless, one may doubt that the case against BNP Paribas will prove to be successful, as previous ones – which had been introduced under the 2017 law of vigilance (LdV) – are all either pending or unsuccessful.
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