French bank BNP Paribas announced on Thursday that it will more than double the financing resources allocated to the renewable energy sector, increasing the total from €6.9 billions in 2014 to €15 billions in 2020. The financial institution will also reinforce its carbon risk management policies and help its clients to make the transition to sustainable energy.

For its part, Société Générale will stop financing coal mine development projects as well as coal-fired power plants in high-income OECD countries and double financing for renewable energy projects by 2020.

Find the press releases by BNP Paribas and Société Générale on their respective sites.

Crédit photo: Photonquantique (Flickr)